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
1. INTRODUCTION The Insurance law provides business to get protection or cover against various kinds of risks (including risk of loss from fire, negligence, crime & risk of death of essential people working in the business) & spreads the risk of loss as well. Moreover, the insurance law consists of insurance policy which is a contract where one party (which is the insurer) agrees in return for a considered price to cover the other party (which is the insured) for loss from a specified event. In short
2.1 The Concept of Uberrimae fidei in Marine Insurance Law Section 17 of the Marine Insurance Act 1906 (UK) requires parties to a marine insurance contract to observe utmost good faith. It is clear from the wording of the section that the duty is to be observed by both parties to a marine insurance contract. Although it is a mutual obligation, operating both ways, in practice the duty of utmost good faith has more than often been applied in the context of the duty of the assured to disclose. Lord
Laws in all fifty states require every driver with a vehicle on the road to have basic insurance coverage just in case an accident happens. Some people prefer to buy additional insurance to cover the value of their car and any injuries sustained during an actual collision. Other people are required to have it by their lender. Although full coverage offers a lot of protection, it's also less affordable for drivers. If you're shopping for full coverage on your vehicle, there are a lot of ways for you
this fruitful. Thus the subsidiary company may purchase insurance under its own name and manage its own contract. Insurable Interest Law If however the parent company wants to insure the assets of the subsidiary, the parent company must be able to present Insurable Interest (together with other factors beyond the scope of this report) to the insurer, that is, an insurance contract requires the presence of Insurable Interest. When an insurance contract is taken out, insurers tend to put little emphasis
state of Michigan. Michigan Motorcycle Insurance Requirements In the state of Michigan, motorcycles are not technically considered motor vehicles, which means that as a driver of a motorcycle, you are not required to hold no-fault insurance like owners of other vehicles are required to carry. However, you are required at least have an insurance policy that has liability coverage for both property damage and bodily injury. If you have this basic type of insurance, your coverage only kicks in if you
Introduction Insurance is a very important part of modern life and business. In this paper I will discuss the basic concepts of insurance, claims-made and occurrence liability policies, factors for selecting an insurance company and policies, and the difference between workers compensation and liability insurance. What is insurance? Insurance is a two-way legal agreement between the insurer and the customer. The customer, which may be an individual, business, or other entity, agrees to pay the
insight on some of the problems facing the physical therapy field today. There are a few issues involving physical therapy, but a major issue today would be patients not getting the necessary physical therapy they need to fully recover, due to their insurance plan not covering
Education Vocabulary, reading, language skills, cognitive and executive functioning can all be effected when a child has a hearing loss. Vocabulary in children with a hearing impairment develops more slowly due to the misheard words. Often times, the gap between children with normal hearing and those with a hearing impairment widens as they age. With a small range of vocabulary, a child with a hearing loss may find it difficult to read (“Effects of Hearing Loss on Development”). Observation Without
Long and Short Term Disability Insurance A disability protection is an insurance policy that insures part of the individual’s lost earnings when that person is unable to work due to injury or illness (Chittenden, et.al, 2015). Some disability insurance policies cover the employees for a short span, such as months, while others provide a stable compensation for several years (long-term). For one to decide on whether to get an extended or short-term insurance cover depends on the individual’s expectations
Employee benefits coordinator play a significant role in Human Resource Management. Employee Benefits coordinators are responsible for assisting with employee benefits, maintaining employee data base, managing all insurance billings and maintain employee files, sick pay, vacation and retirement. This study explores the importance of employee benefits to corporations, government agencies and non profit organizations. This paper also researches the effects on the management team and on individual employees’
Part of managing Information Risk for the enterprise is ensuring compliance with laws, regulations and following best practices and standards outlined by recognized professional organizations (Whitman & Mattord, 2011). This is a huge task for large enterprises, particularly for those businesses in industries that are highly regulated like insurance and financial services, energy, banking and pharmaceutical. Managing compliance to federal regulations is getting increasingly difficult. Since 1949
Community elected home owners association officials are constantly involved in complex decisions regarding the state, safety, and welfare of the property of our small community and solving community problems. Effective ways to solve problems faced by Deer Crossing Homeowners’ is to conduct a needs assessment of the community in an effort to provide feedback for the community elected officials. Typically, the Deer Crossing Homeowners’ Association board will meet once a quarter to solve community
Maritime Law The value of many shipments depends upon fluctuations in the currency rates, freight, handling charges, and other expenses. By means of insurance protection will be provided to goods from any uncontrollable variables. A contract of Marine Insurance is defined by section 7 of the Marine Insurance Act of 1909 as: "A contract whereby the insurer undertakes to indemnify the assured, in manner and to the extent thereby agreed, against marine losses, that is to say, the losses incident to
Before I introduce this month's insurance topic, I need to point out a bit of irony that took place at the end of last month. After writing an article about what to do in the event of a winter auto accident, I found myself slipping on ice, heading slow-motion toward another car at an intersection. I was driving at the right speed for the conditions. Sometimes however, events are just out of your control. As I slid slowly toward the other car that day, I was glad of two things, I was sliding SLOWLY
Auto Insurance in Kentucky At least one vehicle is mandatory for a family in the United States. Having a personal vehicle saves lot of time and gives an opportunity to travel. In Kentucky, a person must have insurance to drive their vehicle. If a person is found driving without current vehicle insurance, they will be fined up to $1,000, up to 90 days jail time, or suspension of their license plate, and will be placed on “high-risk” category of drivers by their insurance company (car). If people are
CHAPTER - 3 NEED OF THE STUDY Insurance Industry is one of the flourishing Industries, who deals with uncertainty and provide protection to the subject matter insured. With the rapid growth in the industry, there has been an augmented incidence of frauds in the country. The industry has witnessed a rise in the number of fraud cases during the last one year. Therefore, the need of my study is to know that what kind of Frauds happen in the Industry, who is responsible for these frauds and how we
rates for their customers.GEICO, is the second of the largest insurance companies in the United States, this is GEICO’s strongest internal strength. Insurance is a necessary expense and drivers they are looking for the lower-priced auto insurance rate. The firm provides 14 million auto policies covering more than 23 million vehicles. GEICO is ultimately owned by BERKSHIRE HATHAWAY INC. BERKSHIRE HATHAWAY INC takes the consumer insurance money and invest its into stocks. A GEICO customer can receive
in Land Title Insurance Law and Risk Management – Spring 2014 Paul Drake After the housing bubble burst, everyone involved in the process was subject to severe criticism. From the realtors to the land title insurance agents to the banks, the housing industry underwent a major overhaul. In order to make sure that what happened less than a decade ago doesn’t happen again with the same veracity, the American Land Title Association (ALTA), which guides the conduct of land title insurance agents, published
programs promote avoidance of losses, measuring the loss frequency. Some examples are safety programs implemented to prevent workplace injuries, fire detectors, burglar alarms, and other protective devices to prevent losses caused by fire and theft. Insurance companies offer discounts to organization or individuals taking loss prevention measures as incentive for their participation. While, in loss reduction the scope of the programs limit the extent of losses, when they do happen. Decreasing the severity