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Insurance Law

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HomeBrud.gifInsurance Law

Introduction to Insurance

  • Contract of Insurance
    • An Insurance is a contractual arrangement for transferring and allocating risk.
    • Risk is the prediction concerning potential loss based on known and unknown factors.
    • Risk management is the transfer of certain risks from the individual to the insurance company by a contractual arrangement.
    • Premium is the consideration to be paid to the insurer
    • Insurance companies use the concept of risk pooling by spreading the risk among a large number of people (pool) so that the cost of premium becomes small in comparison to the coverage offered.
  • Insurance companies correlate data over a period of time to estimate fairly accurately the total amount they will have to pay if they insure a particular group, as well as the rates they will have to charge each member of the group so they can make the necessary payment and still show a profit.
    • Subject matter of the insurance principles applicable - Formation of Contract
  • Why do we need Law on Insurance Business?
  • What is an Insurance Business
  • Reinsurance business means activity of an insurance enterprise with the objective of profit, in which the insurance enterprise receives part of the premium of another insurance enterprise in order to undertake to indemnify the liability for which insurance has already been accepted.
  • Insured person means the organization or individual whose property, civil liability or life is insured in accordance with an insurance contract. The insured person may at the same time be the beneficiary of the insurance.

Beneficiary

  • Beneficiary means
    • The organization or individual
    • whom the purchaser of insurance appoints to receive the insurance proceeds
    • under a contract of personal insurance
  • Insurable interest means
    • a right of ownership
    • right of possession
    • right of use
    • or property right
    • or the right and obligation to rear and maintain the subject matter insured
  • Insured event means
    • an objective event
    • agreed by the parties or stipulated by law
    • upon the occurrence of which the insurance enterprise must pay the insurance proceeds to the beneficiary of the insurance or indemnify the insured person
  • Insurance premium means
    • an amount of money which the purchaser of insurance must pay to the insurance enterprise
    • within the time-limit and
    • by the method agreed by the parties in the insurance contract
  • Compulsory Insurance
  • Definition and meaning of the term insurance
  • History of Insurance in England
  • History of Insurance in India
  • Nature of Insurance Contract
    • General Principles
      • Offer and Acceptance
      • Consideration
      • Competence of the parties
      • Legality of object
      • Free consent
  • Provisions and clauses
    • Provisions mandated by Statute
    • Incontestability Clauses
    • Coinsurance Clauses
    • Appraisal and Arbitration Clauses
    • Multiple Insurance Coverage
    • Antilapse Clauses
  • Fundamental elements
  • Classification of Insurance
    • Life and non-Life insurance
    • Construction of Insurances policies
      • Prospectus, Proposal form, Construction, Alteration, Conditions - Premium
  • General principle of insurance
    • Insurable interest
    • Premium
    • Risk and proximate cause-non-disclosure-representations
    • Warranties assignment contribution
    • Subrogation-double insurance
    • Over insurance
    • Reinsurance

Types of Insurance products

  • Broadly speaking, two types:

Life insurance

  • Whole life insurance
  • Endowment insurance
  • Death benefit insurance
  • Combined insurance
  • Periodical payments insurance
  • Other life insurance products as regulated by the Government

Non-life insurance

  • Personal accident and health care insurance
  • Property Insurance and loss and damage insurance
  • Goods transit insurance by road, sea, river, rail and air
  • Aviation insurance
  • Marine and hull insurance
  • Motor vehicle insurance
  • Fire and explosion insurance
  • General liability insurance
  • Credit and financial risks insurance
  • Business loss and damage insurance
  • Agriculture insurance
  • Other non-life insurance products as regulated by the Government

Life Insurance

  • Concept of Life Insurance
  • Kinds of Life Insurance
  • A Key-person life insurance is an insurance obtained by an organization on the life of a person important to that organization.
  • Nature and scope
  • Definition
  • The policy formation of life insurance contract
  • Life insurance conditions
  • Circumstances affecting the risk
  • Assignment & nomination
  • Amounts recoverable
  • Persons entitled to payment
  • Settlement of claims and payment of money.

Fire Insurance

  • Definition and scope of fire insurance, nature of fire insurance contract, meaning of fire, formation of contract, insurable interest, indemnity, reinstatement, causaproxima, Kinds of policies, conditions in fire policies. The and alteration, notice of abandonment, average conditions. Right after loss, amount recoverable.

Marine Insurance

  • Nature and scope of Marine Insurance contract, nature of the contract, the Marine Adventure. The step in Marine Insurance, classification of Marine Policies, Deviation and change of voyage. The perils of the sea and Maritime perils, proximate cause, Loss: Partial, General average and particular over age: total loss actual total loss and constructive loss. Notice of Abandonment, inchemeree clause, sue and labour clause, Adumption

Burgalary Insurance

  • Nature and scope, Meaning the term burglary, exceptions in the policy Accident Insurance: Nature and scope meaning, the risk Gurantee insurance: Nature and scope, contract, contracts of gurantee and insurance contracts, fidelity policies, insurance of debts.

Liability Insurance

  • General, defence by insurer of assured, statutory suborgation, practice, employer’s liability insurance

Motor Vehicle Insurance

  • Relevant Provisions, Rights of Third parties. Clauses restricting cover.

Other Insurance

  • Insurance in cases of Aviation, Livestock, Crop and Engineering

Administration of Insurance

  • Registration of an Insurance company
  • Insurance Regulator
  • Insurance Tribunal

Insurance Intermediaries

  • Insurance Agents
  • Surveyors
  • Loss Assessors
  • Third party Administrators

Related Indian Insurance Acts

Related Indian Insurance Rules

Related Indian Insurance Regulations

See Also

Related Indian News

Related Kenyan Acts

Related Uganda Acts

  • Uganda Insurance (Amendment) Act 2001, 13 of 2011
  • Uganda Insurance Act 2000, Chapter 213
  • Uganda Motor Vehicle Insurance (Third Party Risks) Act 1989, Chapter 214
  • Uganda Workers Compensation Act Chapter 225

Related Indonesian Legislation

Related Namibian Legislation

  • LONG-TERM INSURANCE 1998
  • LONG-TERM INSURANCE AMENDMENT ACT 2 OF 2011

Related Law