An insurance policy in Cameroon is a legal contract between the insurance company (the insurer) and the person(s), business, or entity being insured (the insured).
Insurance policies shall in accordance with the CIMA Code contain the following information;
- The names and residence of the contracting parties;
- The object or the person insured;
- The nature of the risks covered;
- The effective date and duration;
- The amount of the coverage;
- The premium or contribution of the insurance;
- The conditions of automatic renewal, if stipulated;
- The cases and conditions of extension or termination of the contract or cessation of its effects;
- The obligations of the insured, upon drawing a contract and, later, during the course of the contract, as regards the declaration of risk and the declaration of other policies covering of the same risks;
- The conditions and terms of declaration in the event of a claim;
- The time limit for payment of claims;
- For other insurance apart from liability insurance, the procedures and principles relating to the assessment of damages in view of determining the amount of indemnity etc.