Insurance Law Essay Help
Insurance is a sort of risk management that allows financial compensation for any loss incurred which was claimed under the insurance. The policyholder who buys the insurance pays an insurance premium under which they can claim the loss incurred upon them. The compensation provided can be in monetary terms as well as includes services having a monetary value such as health insurance, car insurance, and pet insurance.
The Insurance Law under state legislation ensures that commercial and contractual law legislations are implemented so that consumer or public individuals are not exploited by corporate financial institutions and contractual agreements are respected as per the agreements set in any way as the law serves to protect and safeguard the common people.
Principles of Insurance Law:
Insurance Law is based on 7 principles that ensure transparency, mutual interests, and abidance of common, civil, and contractual law under the rules and regulations set by the legal body.
1. Principle of Utmost Good Faith: This principle refers to both parties showing transparency when undergoing an agreement also material facts have to be disclosed before the policy is issued. If any party tends to withhold any information the other party is liable to hold them accountable under the law.
2. Principle of Insurable Interest: A person or an entity having an insurable interest in an item, event, or action considering its value and the financial loss it would cause therefore the person or entity under insurable interest can apply a particular insurance policy to safeguard it.
3. Principle of Indemnity: In this case, the insurer rather than providing compensation or replacing the loss with loss payment the insurer puts the insurance back to its prior without rewarding or penalizing the policyholder.
4. Principle of Contribution: Under the law, all contractual agreements should be respected and followed as per the written agreement. If the policyholder has one or more insurers then both insurers are liable to compensate for the financial loss incurred upon the policyholder.
5. Principle of Subrogation: Under this principle, the insurer after compensating for a loss incurred to the policyholder has the right and claim to any remedy against the policyholder concerning loss covered as per the agreement.
6. Principle of Loss Minimization: It is the utmost duty of the insurer to prevent minimum loss to the policyholder's asset in cases such as fire incidents etc, the insurer has to take necessary measures to control and reduce the amount of loss incurred upon the policyholder.
7. Principle of Causa Proxima: This principle deals with how the incident was caused and whether the insured is in peril and the cause of the incident has to be the nearest not remote.
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Insurance Law Essay writing service:
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Insurance Law Topic Help:
Insurance Law does not have a particular framework in the English Legal system, it is derived and comprised from various other subjects such as contractual, commercial, and public law which allows and ensures that contractual agreement and fundamental rights of every citizen are preserved for the better well-being of the society.
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