Phd Thesis On Insurance Sector

Phd Thesis On Insurance Sector-63
First and foremost in order to speak of the law of insurance we must first look at its history and its origins.The many principles of the law of insurance derive their origins from the standard insurance contract documents mainly being the proposal form and the policy which have been drafted in a fairly uniform way throughout its existence.Lord Mansfield was an important pillar in the origin of the insurance contract as he found the solution of disputes over insurance through the application of principles acquired from the law merchant and the more traditional common law concepts.

First and foremost in order to speak of the law of insurance we must first look at its history and its origins.The many principles of the law of insurance derive their origins from the standard insurance contract documents mainly being the proposal form and the policy which have been drafted in a fairly uniform way throughout its existence.

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Furthermore the reasons for most of the principles of insurance can be found by looking at the history of insurance.

The main origins of modern insurance contracts started during the fourteenth century due to practices adopted by Italian merchants.

First party insurance is when someone insures their own life, house, factory, car, television etc, whereas third party insurance or liability insurance is when someone insures against the potential liability in law to pay damages to another.

Also first and third party aspect could be combined in the same policy.

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By continuing to use this site, you consent to the use of cookies.There are various types of life insurance namely pure life insurance, whole life insurance, undertaking to pay a sum on the death of the life insured whenever it occurs and also modern devices which combine elements of life insurance with the more important element of investment in securities or property (life assurance act 1774).Uncertainty is a necessary feature of all insurances, but its different in the case of whichever life policy due to the fact that death is certain, the uncertainty is when it will occur.The law may reflect this difference by demanding that some third party insurances should be compulsory and also recognizing the fact that in practice the third party insurance involves the third party as much as the insured person.Life and other insurances is a well-recognized policy in law and in insurance practice, this distinguishes clearly between life insurance and all other forms of insurance. Google(); req('single_work'); $('.js-splash-single-step-signup-download-button').one('click', function(e){ req_and_ready('single_work', function() ); new c. .pass_color_to_child_links a.u-inline.u-margin-left--xs.u-margin-right--sm.u-padding-left--xs.u-padding-right--xs.u-absolute.u-absolute--center.u-width--100.u-flex-align-self--center.u-flex-justify--between.u-serif-font-main--regular.js-wf-loaded .u-serif-font-main--regular.amp-page .u-serif-font-main--regular.u-border-radius--ellipse.u-hover-bg--black-transparent.web_page .u-hover-bg--black-transparent:hover. Alternatively, a house insured against the outbreak of fire may never burn down.A contract on life insurance and other similar contracts are regarded as “contingency insurance” this basically means that the contracts are formed to pay money when the event which has been insured takes place .In the insurance industry of today covers various risks for a number of businesses, these risks can be classified in several different ways namely first and third party, life and other insurances, commercial and consumer, contingency and indemnity, and as seen above marine and non-marine (based on MIA 1906).The two most important classifications are as follows : First and third party insurance, the distinction between first and third party must be made first of all.

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