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Abstract
his work studies the different forms of an insurance contract early termination. After studying the absolute and relative nullity which is also called rescission the author reviews the prevailing legislation of the insurance contract in Ecuador to mention that the recession takes place when the solicitant doesn’t declare the condition of the risk objectively but falsely or withholding information over “those circumstances that, being known by the insurer would have make him decline the contract celebration or induce him to stipulate a higher premium”.
The paper also discusses the tacit resolution condition that is implicit in every bilateral contract, to study in which cases this resolution applies to the insurance contract, or when one of the parties doesn’t follow the agreement.
It also dedicates some paragraphs to the caducity that could operate automatically as a cause of anticipate termination of insurance contract early termination when the policyholder doesn’t pay the scheduled fees on time.
The original contribution of this essay is to introduce the latin word “resciliation” as the one that is missing in the Spanish language and the lexicon forum to point the action by which the parties agree to terminate an insurance contract. In other words early termination of the insurance contract by mutual agreement of the parties.
The word “resciliation” doesn’t exists in English or in French.
In all analyzed cases it is mentioned how to calculate the premium refund for the time the insurance is not used.
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