Statutory conditions are established to protect which parties in an insurance contract?

Statutory conditions are designed to establish a framework of rights and obligations that serve to protect both parties involved in an insurance contract — the insurer and the insured. These conditions ensure fairness and consistency in the treatment of claims and other aspects of the insurance relationship.

For the insured, statutory conditions provide certain rights, such as the right to a clear understanding of policy terms and conditions, as well as protections against unfair practices by the insurer. This also includes provisions that outline what an insured must do in case of a claim, thereby ensuring that claims are handled in a timely and efficient manner.

For the insurer, statutory conditions help to define their responsibilities and the necessary procedures to follow when dealing with claims. This serves to mitigate risk and provides a level of assurance that both parties will act according to established rules and regulations.

Therefore, the establishment of statutory conditions creates a balanced framework aimed at protecting the interests of both the insurer and the insured, fostering trust and reliability in the insurance arrangement.