Insurance Meaning Under Law
In the event of partial loss the amount paid against a claim will be in the same proportion as the value of the.
Insurance meaning under law. 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. Definition of insurance law. 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. An insurer is frequently an insurance company and is also known as an underwriter.
Insurance law and legal definition. The losses covered by the policy may include property damage or loss from accident fire theft or. Death by drowning is death by accident within the meaning of a policy of accident insurance. 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.
Principles of insurance law wadhwa co. Underinsurance refers to inadequate insurance coverage held by a policyholder. An individual or company who through a contractual agreement undertakes to compensate specified losses liability or damages incurred by another individual. 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.
While underinsurance may result in lower premiums paid by the policy holder the loss arising from a claim may far. Insurance law and practice vidhi publication private limited 3. In order to understand insurance law it is useful to understand insurance first. 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.
Insurance manual taxmann publication private limited 4. Insured under the law regulating compulsory health insurance. For which the affected party may be entitled to relief under the law or to compensation under an insurance policy. If at the time of the accident the assured is occupied or engaged in any occupation trade or business.
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