The Nature of Insurance came about to offset any loss that an individual or those engaged in business may suffer through the occurrence of some unforeseen event. To offset this loss the commercial world developed the contract of insurance. In return for a fee the individual, or the business enterprise, would be indemnified for the loss suffered on the occurrence of the event insured against. Contracts of insurance cover a wide field such as life assurance, personal accident public liability, damage to property and general liability insurance.
A contract of insurance is a contract whereby one party, called the insurer, agrees in return for a payment called the premium to pay a sum of money to another, called the insured, on the occurrence of a certain event, or to indemnify the insured against the loss caused by the risk which is insured against. Policies of insurance are of two broad types: life assurance, which insures against an event that must happen, namely, death; and liability insurance, which insures against events that may happen.
A contract of insurance may be in any form, such as by deed, in writing, or verbal. In practice such a contract is embodied in a written document called a policy, which expressly states all the terms of the contract.
Three elements are essential to an insurance contract:
(a) consideration must pass to the Insurer. This usually takes the form of periodic payments, called premiums;
(b) there must be some degree of uncertainty as to whether the event insured against will happen, or if it is bound to happen, as to when it will happen
(c) the event, if or when it happens, must be adverse to the interest of the insured.
Insurance business in Ireland is carried on principally by registered friendly societies, which deal in life assurance and are governed by the Friendly Societies Acts 1909-1989. Both statutes attempt to provide some supervision by the state so as to safeguard the interest of policy holders. Insurance companies must hold a licence, maintain a bond with the High court and make annual returns.
The usual procedure for a party seeking insurance is to first complete a proposal form and submit it to the insurers. Where the proposal form is rejected that is the end of the matter and there is no contract. The insurer is not ...
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...Dodgem Insurance are therefore only required to pay Chandler at most £150,000 even though the cost might be more. The policy taken out by Joey will in no way effect the policy Chandler has taking out with Dodgem Insurance Ltd. The two Insurance companies will be required to each pay an appropriate percentage of the claim. Chandler is not entitled to any contribution from Central Perk Insurance as this policy was taking out by Dodgem Ltd and is a general contents policy. Dodgem Insurance will receive a relevant payout for any damage done to the general contents on their section of Castle View i.e. the ground floor. Even though Chandler neglected to mention that Castle View has a thatched roof, he is covered by Section 18 (3) of the Marine Insurance Act 1906 (b) i.e. Any circumstance that is known or presumed known to the insurer. The insurer is presumed to know matters or common notoriety or knowledge, and matters, which an insurer in the ordinary course of his business as such ought to know. Chandler may have presumed that because Dodgem Insurance Ltd are located in the same building that he is insuring that they will have taking the fact that it has a thatched roof into account.
There are a variety of options chosen that determine an individual’s insurance premium. One option in determining cost are the controllable factors individuals choose when...
Leadership has always been a diligently studied subject; the art and science of being an effective leader is something that most people would like to successfully cultivate. However, reading every book on the subject does not guarantee successful leadership – it only assists in the understanding of how others flourished in their methods. A technique that worked in one situation may reap havoc on another – such as Spartacus taking over as the leader of the people in India instead of Ghandi. The key to leading is understanding the circumstances you are in and the kind of behavior that will secure covenantal followers. Furthermore, even if an individual was not born with specific personality traits that are advantageous to potential leaders, if
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Few of us can deny the importance and power that money has in our society. It is difficult to think of issues that affect us on a daily basis, that does not involve money. But where does this fixation on money originate...
Lisa’s insurance broker did not make sure she had the proper coverage to reduce her liability if something were to happen to the art gallery. Lisa’s insurance broker, Homer, broke his fiduciary duty to Lisa by not ensuring she had the proper coverage she needed; given that Lisa was responsible for the safekeeping of the artwork that was on consignment. Homer should have taken into consideration that nearly all her inventory, which was on consignment, would not be insured if a fire occurred. Nonetheless, Homer reassured Lisa that she was “well covered” with her policy when she should have had a policy where she would be covered for losses to artwork on consignment as well as fires that didn’t originate on her building
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After hours of independently researching the field of Actuarial Science, I contacted Mr. Michael Miller. Mr. Miller is the Director of Insurance Pricing at Catlin Inc., a private insurance company in Atlanta, Georgia. With a Masters of Science in Mathematics and classification as a Fellow of Casualty Actuarial Society, Mr. Miller has thrived in the field of Actuarial Science for twenty years. He has even achieved the position of President of the Casualty Actuarial Society of the Southeast.
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"1- The name of the insured, or of some person who effects the insurance on his