Legal Basis of an Insurance Compensation Dispute
An insurance compensation dispute in Georgia depends first of all on who is entitled to claim compensation. Under the Law of Georgia on Insurance, the insured person is the person in whose respect insurance is carried out, and the policyholder may simultaneously be the insured person unless the contract provides otherwise. The beneficiary is a natural or legal person who receives insurance compensation under the insurance contract or under legislation on compulsory insurance. A beneficiary may be designated both in personal insurance and in property insurance.
Under compulsory insurance the beneficiary is determined by the legislation regulating the given type of insurance, while under voluntary insurance the beneficiary is appointed by the policyholder. If no beneficiary is designated in the contract, the insured person is deemed to be the beneficiary. A property insurance contract may be concluded in favour of a beneficiary without indicating the beneficiary's name — as a policy payable to bearer; in that case the beneficiary is whoever presents the relevant document to the insurer. These details frequently prove decisive in contested cases.