What are the legal requirements for insurance contracts?

In Oregon, all insurance contracts must meet certain legal requirements set forth by Oregon law. Insurance contracts must always be in writing and must include the name and address of both the insured and the insurer, the subject of the insurance, the coverage provided, the amount of premium due, and the term of the contract. Also, the insurer must provide an accurate and complete description of the risks covered by the policy and the exclusions that apply to the policy. The insured is also required to disclose any facts or information that may affect the insurer’s decision to accept the risk, and must provide proof of the statements made. This proof could include verification from a third-party source or other documents which the insurer may require. Finally, in Oregon, insurance contracts must include a notice to the insured of the right to cancel the policy within a specified period of time. The insurance company must provide the insured with a notice of cancellation, which must be sent to them at least 15 days before the policy is cancelled. In conclusion, insurance contracts in Oregon must meet a set of legal requirements, including being in writing, providing accurate and complete descriptions of the risks covered and the exclusions applied, and inform the insured of their right to cancel the policy.

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