Insurance Release Form Template for Austria

A legally binding document under Austrian law that formally releases an insurance company from any further liability or obligation related to a specific insurance claim once a settlement has been reached. The document, governed by the Austrian Insurance Contract Act (VersVG) and Civil Code (ABGB), establishes the terms of the settlement, includes detailed claim information, and documents the policyholder's agreement to waive any future rights to additional claims arising from the same incident. It serves as a crucial risk management tool for insurance companies while providing clarity and finality for all parties involved in the settlement process.

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What is a Insurance Release Form?

The Insurance Release Form is a critical document in Austrian insurance practice, used when finalizing insurance claim settlements. It serves as a formal agreement between the insurance company and the claimant, documenting the settlement terms and releasing the insurer from future liability related to the specific claim. The document must comply with Austrian insurance regulations, particularly the Versicherungsvertragsgesetz (VersVG) and the Allgemeines Bürgerliches Gesetzbuch (ABGB). It typically includes detailed information about the claim, settlement amount, release terms, and necessary declarations. This form is essential in both personal and commercial insurance contexts, providing legal protection for insurers while ensuring fair settlement documentation for claimants. The document must be drafted with particular attention to Austrian consumer protection laws when used with individual policyholders.

What sections should be included in a Insurance Release Form?

1. Parties: Identification of all parties involved - the insurer, the insured, and any other relevant parties (e.g., claimant, beneficiary)

2. Background: Brief description of the insurance policy, the claim event, and the context leading to this release

3. Definitions: Key terms used in the release form, including specific insurance and legal terminology

4. Claim Details: Specific details of the claim being released, including date of incident, policy number, and claim reference

5. Settlement Amount: The agreed compensation amount and payment terms

6. Release Declaration: The formal release statement where the releasing party waives their rights to future claims

7. Warranties and Representations: Statements confirming the parties' authority and understanding of the release

8. Governing Law: Confirmation of Austrian law application and jurisdiction

9. Signatures: Execution block for all parties, including dates and witness provisions

What sections are optional to include in a Insurance Release Form?

1. Medical Authorization: Required when the claim involves medical expenses or personal injury

2. Third Party Rights: Needed when other parties might have rights related to the claim

3. Confidentiality: Optional clause for keeping settlement terms private

4. Tax Implications: Required when settlement amount has significant tax consequences

5. Partial Release: Used when only specific aspects of a claim are being released

6. Language Declaration: Required when the release form is provided in multiple languages

What schedules should be included in a Insurance Release Form?

1. Schedule A - Claim Documentation: List of all relevant claim documents and incident reports

2. Schedule B - Settlement Calculation: Detailed breakdown of the settlement amount

3. Schedule C - Medical Records: Summary of relevant medical records in personal injury cases

4. Appendix 1 - Policy Extract: Relevant sections of the insurance policy being released

5. Appendix 2 - Payment Instructions: Banking and payment details for settlement transfer

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents

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An Austrian law-compliant form authorizing both travel and medical treatment for minors, meeting requirements of the Austrian Civil Code and EU regulations.

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Download a Standard Insurance Release Form

Review your own Insurance Release Form

What is a Insurance Release Form?

What sections should be included in a Insurance Release Form?

What sections are optional to include in a Insurance Release Form?

What schedules should be included in a Insurance Release Form?

Authors

Alex Denne

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