Vermögensschaden pecuniary loss

Creator:	kbamert
Language pair:	German to English
Discipline:	-
Definition / notes:	German Insurance Contract Law (VVG) First Division - Provisions for All Classes of Insurance First Title - General Provisions § 1 [Principal obligations] (1) In indemnity insurance, the insurer is obligated, upon the occurrence of the insured event, to indemnify the policyholder for the pecuniary loss caused thereby, as provided in the contract. In life insurance and accident insurance, as well as in other kinds of insurance of persons, the insurer is obligated, upon the occurrence of the insured event, to pay the agreed amount of capital or annuity, or to perfom otherwise as agreed. (2) The policyholder shall pay the agreed premium. For the purposes of this law, premiums shall also include the contributions to be paid in the case of mutual insurance enterprises.
URL:	http://www.bundderversicherten.de/Versicherungsarten/Gesetze_engl.htm