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What is Insurance Law, Types, Principles, Aspects of Insurance

What is Insurance Law, Types, Principles, Aspects of Insurance

Insurance Law means of protection from Financial Loss. It is a form of risk management, primarily used to hedge against the risk of a contingent or uncertain loss. There are man Aspects of Insurance Contracts, as per simple terms of Law, involve the provision of cover from loss(es) by one party called the insurer to another known as the insured (policyholder). As basic as the foregoing sounds, it is important to state that insurance contracts are quite different from ordinary contracts for reasons that would be set forth in this article.

Insurance Law Contract is valid when you have parties, consideration and acceptance of terms like it is the case in regular contracts. The insurer agrees to underwrite the risks which the insured proposes to be protected against. Local regulations also prevail on insurance contracts to which all parties must adhere strictly to. International laws also apply to some types of insurance such as those governing admiralty/marine.

What are the Main Types of Insurance?
Liability: Liability coverage comes in two forms: bodily injury and property damage liability.
Personal Injury Protection: This type of coverage will cover medical expenses related to driver and passenger injuries.

What are the Different Types of Life Isurances?

  1. Specific types of life insurance include:
  2. Term life insurance.
  3. Permanent life insurance.
  4. Whole life insurance.
  5. Universal life insurance.
  6. Variable life insurance.
  7. Variable universal life insurance.
  8. Simplified issue life insurance.
  9. Guaranteed issue life insurance.

What are the Different Types of Auto Insurance?

  • Liability coverage.
  • Collision insurance.
  • Comprehensive insurance.
  • Uninsured motorist insurance.
  • Underinsured motorist insurance.
  • Medical payments coverage.
  • Personal injury protection insurance.
  • Gap insurance.

What are the Basic Principles of Insurance?
Seven Principles of Insurance With Examples

  1. Principle of Uberrimae fidei (Utmost Good Faith),
  2. Principle of Insurable Interest,
  3. Principle of Indemnity,
  4. Principle of Contribution,
  5. Principle of Subrogation,
  6. Principle of Loss Minimization, and.
  7. Principle of Causa Proxima (Nearest Cause).

What are the Seven General Types of Insurance

  1. Professional liability insurance.
  2. Property insurance.
  3. Workers’ compensation insurance.
  4. Home-based businesses.
  5. Product liability insurance.
  6. Vehicle insurance.
  7. Business interruption insurance.

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