Life insurance contract is one of the most significant
contracts in the field of insurance. Its roots extend to
the ancient period, with its development being linked
to various religious and professional associations
and institutions. In modern law of various European
countries, the life insurance contract is often not
defined separately but is encompassed under the
general concept of an insurance contract. To highlight
the special characteristics of the life insurance contract
where necessary, its specifics are outlined in relation
to the general legal rules on insurance contracts.
This approach is also adopted in the Serbian Law of
Contracts and Torts, as well as in the positive law of
many countries in the region. A life insurance contract
is bilateral, aleatory, onerous, named, formal, adhesive,
successive, and a sum contract. It is also a commercial
contract and with a particularly emphasised aspect of
mutual trust. Through a thorough analysis of its legal
definition and various aspects of its legal nature, this
paper presents the reader a comprehensive picture of
the concept and basic characteristics of the modern life
insurance contract.
