Insurance Meaning Under Law
Insurance is a contract in which one party the insured pays money called a premium and the other party promises to reimburse the first for certain types of losses illness property damage or death if they occur.
Insurance meaning under law. Insured under the law regulating compulsory health insurance. Insurance law and practice list of recommended books. Insurance law and legal definition. If at the time of the accident the assured is occupied or engaged in any occupation trade or business.
Workers compensation or workers comp formerly workmen s compensation until the name was changed to make it gender neutral is a form of insurance providing wage replacement and medical benefits to employees injured in the course of employment in exchange for mandatory relinquishment of the employee s right to sue his or her employer for the tort of negligence. It also covers individuals insured by that law who are provided with the extent of entitlements greater than the one set by the law and other types of entitlements from the health insurance not provided by the law. In order to understand insurance law it is useful to understand insurance first. Death by drowning is death by accident within the meaning of a policy of accident insurance.
Insurance law and practice vidhi publication private limited 3. An individual or company who through a contractual agreement undertakes to compensate specified losses liability or damages incurred by another individual. Insurance manual taxmann publication private limited 4. At the time that any claim is made for property under an insurance contract whether this is for a partial value of the whole sum insured or the entire value an insurer may assess the value of that property as part of the claims processing routine.
What remedies do insurers have for under insurance. For which the affected party may be entitled to relief under the law or to compensation under an insurance policy. Underinsurance refers to inadequate insurance coverage held by a policyholder. An insurer is frequently an insurance company and is also known as an underwriter.
Condition of average also called underinsurance in the u s or principle of average subject to average or pro rata condition of average in commonwealth countries is the insurance term used when calculating a payout against a claim where the policy undervalues the sum insured. Principles of insurance law wadhwa co. Insurance is a contract called an insurance policy in which the insurer agrees to pay the insured party all or a portion of any loss suffered by accident or death for a fee called an insurance premium. The losses covered by the policy may include property damage or loss from accident fire theft or.
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