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    Law of Insurance

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    ijujinu
    This document provides an overview of insurance law, including definitions of key terms and concepts. It discusses insurance as a contract where an individual receives financial protection from potential future losses by making periodic payments to an insurance company. The document defines important terms like insurer, insured, premium, and policy. It also outlines different types of insurance like life, fire, and marine insurance. Finally, it lists 10 fundamental elements of a valid insurance contract.

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    Law of Insurance

    Uploaded by

    ijujinu
    68 views8 pages
    This document provides an overview of insurance law, including definitions of key terms and concepts. It discusses insurance as a contract where an individual receives financial protection from potential future losses by making periodic payments to an insurance company. The document defines important terms like insurer, insured, premium, and policy. It also outlines different types of insurance like life, fire, and marine insurance. Finally, it lists 10 fundamental elements of a valid insurance contract.

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    This document provides an overview of insurance law, including definitions of key terms and concepts. It discusses insurance as a contract where an individual receives financial protection from potential future losses by making periodic payments to an insurance company. The document defines important terms like insurer, insured, premium, and policy. It also outlines different types of insurance like life, fire, and marine insurance. Finally, it lists 10 fundamental elements of a valid insurance contract.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    68 views8 pages

    Law of Insurance

    Uploaded by

    ijujinu
    This document provides an overview of insurance law, including definitions of key terms and concepts. It discusses insurance as a contract where an individual receives financial protection from potential future losses by making periodic payments to an insurance company. The document defines important terms like insurer, insured, premium, and policy. It also outlines different types of insurance like life, fire, and marine insurance. Finally, it lists 10 fundamental elements of a valid insurance contract.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    of 8

    Law of Insurance

    Presentation By
    IJUMAN NP
    Insurance
    A promise of compensation for specific potential future
    losses in exchange for a periodic payment. Insurance is
    designed to protect the financial well-being of an
    individual, company or other entity in the case of
    unexpected loss.

    A contract (policy) in which an individual or entity receives


    financial protection, or reimbursement, against losses from
    an insurance company, which pools client's risks to make
    payments more affordable, in exchange for a premium.
    Contract of Insurance

    Contract of Insurance is a contract by which a person,


    in consideration of a sum of money, undertakes to
    make good the loss of another against a specified risk,
    e.g., fire, or to compensate him or his estate of
    happening of a specified event, e.g., accident or death.
    Important Terms
    Insurer or Insured: the person undertaking the risk is
    called the insurer, assurer or underwriter and the
    person whose loss is to made good is called the insured
    or assured.

    Premium: the consideration for which the insurer


    undertakes to indemnify the assured against the risk is
    called the premium. It may be a single or periodical
    payment

    Policy: the instrument in which the contract of insurance


    is generally embodied is called the policy. The policy is
    not the contract, It is the evidence of the contract.
    Important Terms (contd…)
    Subject-Matter of insurance and insurable interest:
    the thing or property insured is called the subject
    matter of insurance, and the interest of the assured in
    subject matter is his insurable interest.

    Perils insured against: that which is insured is the loss


    arising from uncertain events or causalities, i.e.,
    destruction of or damage to the property or the death
    or disablement of a person, and these are called perils
    insured against.
    Kinds of Insurance

    Life Insurance: in this case a certain fixed amount


    becomes payable on the death of the assured or on the
    expiry of a certain fixed period, whichever is earlier.

    Fire Insurance: It covers losses caused by fire.

    Marine Insurance: It covers all marine losses, that is to


    say, the losses incidental to marine adventure.
    Fundamental Elements of Insurance
    1. Essential elements of a valid contract
    2. Utmost good faith.
    3. Indemnity
    4. Insurable interest
    5. Causa proxima
    6. Risk must attach
    7. Mitigation of loss
    8. Contribution
    9. Subrogation
    10. Period of insurance
    THANK YOU

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