Circumstances terminate of insurance contract

Insurance is a legal institution created by a lot of people who face the same or similar risks to meet the risks that they cannot meet alone. Insurance activities have emerged in line with the needs of individuals to meet these kind of risks. Insurance activities are also closely related to the development levels and economies of the countries. However many regulations regarding insurance contracts are envisaged in Turkish Commercial Code (herein after referred as "TCC"), we also see that a significant part of these regulations are mandatory in order to maintain the balance of interests between the parties of the insurance contract. Therefore TCC includes mandatory regulations mostly regarding the termination of insurance contracts. However, in some cases, the regulations of Turkish Code of Obligations regarding termination of contracts are also applicable for insurance contracts too. This is the reason of why the provisions of both codes which are related to topic were carefully gathered and the termination of the insurance contract was discussed according to these gathered provisions in this study. Consequently, in this study, firstly the notion of insurance contract was revealed and after the information about the form, legal nature and establishment of the insurance contract, termination of insurance contracts and the negative prescription, as a reason that narrowly terminates the obligations in the insurance contracts, was observed. Keywords: Insurance Activities, Insurance Contract, Circumstances Terminate of the Insurance Contract, Termination of Obligations Narrowly, Negative Prescription