What is the insurance policy? Your guide to rights and obligations
10 Jun 2025
8
Minutes
Katrin Straub
CEO at nextsure
The insurance certificate is the cornerstone of your coverage and often exceeds 20 pages. It documents your contract and is crucial in the event of a claim, which occurs millions of times a year. Without it, claims can be difficult to enforce.
The topic in brief and concise terms
The insurance certificate (policy) is the document of your insurance contract and lists all rights and obligations; its issuance is regulated in § 3 VVG.
Important contents include the policyholder, insured risk, sum insured, premium, and term.
In the event of loss, the contract remains valid; a replacement policy can be requested, often with a declaration of loss for life insurance policies.
Insurance Policy: The Basics Explained Clearly
The insurance certificate is a document of your insurance contract. It records the agreed coverage. You receive this document, also called a policy, from the insurer.
It is a crucial piece of evidence. According to paragraph three of the VVG (Insurance Contract Act), the insurer is obliged to issue it. The law secures your right to clear documentation.
The policy summarizes all agreements. It can run over ten pages. It forms the basis for your coverage. A thorough understanding is essential.
Contents of the insurance policy: What you need to know
An insurance policy document contains numerous important details. These include the name and address of the policyholder and the insurer. The individual policy number uniquely identifies your contract.
The start date and duration of the insurance, often spanning several years, are also defined. Insured risks and sums are detailed comprehensively. These can amount to six-figure sums in the event of a claim.
The amount and payment method of the premium are also components. Special terms and clauses that expand or limit the coverage can be found there.
General terms and conditions of insurance (AVB) are often attached. These easily exceed 20 pages. Carefully check all details to avoid surprises when a claim arises.
Legal significance: More than just a piece of paper
The insurance policy is an important proof document. It records the entire contents of the contract. According to § 3 VVG, the insurer must provide the policyholder with the certificate in text form.
This document serves as proof of coverage. In case of disputes, such as during a claims settlement, it is crucial. Such cases occur millions of times each year in Germany.
The policy can even function as a simple promissory note. In life insurance, it is often a qualified promissory note. The insurer may require its presentation before providing payment.
According to § 4 VVG, a bearer policy serves as a legitimating document. This emphasises the necessity of secure storage.
Quick Facts: The Insurance Policy at a Glance
Here are the key points about the insurance policy in brief:
It is the contract document of your insurance, often over 15 pages.
Contains all details: benefits, premiums, term often spanning several years.
Serves as evidence in case of a claim, which statistically affects every third household annually.
The issuance is legally regulated in paragraph three of the VVG.
Also called a policy; both terms mean the same.
The insurance policy number is a key identification feature.
Loss does not mean the end of the contract, but complicates the process.
Digital insurance policies are standard with online providers and often instantly available.
These facts help you quickly grasp the role of the insurance policy.
Practical Part: The Insurance Certificate in Everyday Life
In everyday life, you primarily need your insurance policy in two situations. Firstly, when reporting a claim. Costs can exceed one thousand euros here. Secondly, for checking contract details, such as cancellation periods of three months.
An example: A water pipe damage with costs of five thousand euros. The household insurance requires the policy number. Without it, processing is delayed by days. Keep the original safe, especially for whole life insurance policies.
With many digital insurers like nextsure, you receive documents online. This significantly simplifies storage and access. An average household in Germany has over five insurance contracts. Keeping track of them is important.
Expert Depth: Legal Aspects and Current Judgments
The Insurance Contract Act (VVG) is the basis. § 3 para. 1 VVG obliges the insurer to issue in text form. In the event of loss, re-issuance can be demanded according to § 3 para. 3 VVG.
For certain policies, such as life insurance, a declaration of nullity may be necessary. Recent rulings emphasise the need for correct information.
If the content of the policy deviates from the application, § 5 VVG applies. You then have a one-month right of objection.
Our expert tip: Check the policy upon receipt. It must match your application. Report any discrepancies in writing immediately.
The retention period is three years after the end of the contract. This is important for any subsequent claims. For complex products, often over fifty pages, consultation is advisable.
Loss of the insurance certificate: What to do?
Have you lost your insurance policy? No need to panic! Your coverage remains in place. The contract is still valid.
Report the loss to your insurer immediately. For property insurance, often a simple report is sufficient. The insurer will issue a replacement policy.
This usually incurs a fee of ten to twenty euros. For personal insurance, particularly life insurance, the procedure is stricter. A loss declaration is often necessary.
This written declaration confirms the original's unavailability. Digital insurers are advantageous. Documents are often stored in the customer portal. They can be downloaded anytime.
This makes it easy to compensate for a loss. A call to the 24-hour service hotline clarifies the exact steps.
The following steps are recommended in the event of a loss:
Inform the insurer immediately (by phone or in writing).
Inquire about the requirements for a replacement policy (often a call is enough).
Submit a written loss declaration for life insurance.
Ask about the costs for reissuance (usually between ten and thirty euros).
Keep the new policy secure, ideally also digitally.
This ensures you have all necessary documents ready in the event of a claim.
Digitalisation: The Modern Insurance Policy
Conclusion and Your Next Step
More useful links
Wikipedia offers a comprehensive overview of the insurance policy.
Gesetze im Internet provides the full text of the Insurance Contract Act (VVG 2008), which forms the legal basis for the insurance policy.
Gabler Wirtschaftslexikon delivers a detailed definition of the insurance policy in the context of economics and the insurance industry.
FAQ
What exactly is an insurance policy?
An insurance policy, also known as a policy document, is the certificate issued by the insurer that documents the contents of the insurance contract and serves as proof of existing insurance coverage. It contains all the essential contract details.
What information is included in the insurance policy?
Typically, you will find information on the policyholder, insurer, insurance number, start and duration of the contract, insured risks, sum insured, premium amount, as well as the General Terms and Conditions of Insurance (GTCI).
Why is the insurance policy so important?
It is a key piece of evidence. In the event of damage, it serves as proof of your claims against the insurance company. Without it, the settlement process can become complicated.
What happens if I lose my insurance certificate?
Insurance coverage does not automatically cease. However, you should report the loss to your insurer and request a replacement policy. For life insurance, a loss declaration is often required.
Must the insurer issue me an insurance certificate?
Yes, according to paragraph three of the Insurance Contract Act (VVG), the insurer is obliged to provide the policyholder with an insurance certificate in text form.
Is the insurance policy available digitally?
Yes, many modern insurers make the insurance policy available digitally as a PDF document, which is sent by email or can be accessed via the customer portal. This is legally equivalent.
