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INSURANCE LAW. Definition.

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Presentation Transcript
definition
Definition
  • A contract between an insurer and the insured in terms of which the insurer undertakes, in exchange for the payment of a sum of money (the premium), to give to the insured a sum of money (or its equivalent) on the occurrence of a specified but uncertain future event in which the insured has some interest
insurance legislation
Insurance legislation
  • Long Term Insurance Act
  • Short Term Insurance Act
the 4 essential elements
The 4 essential elements
  • The insurers obligation to pay a sum of money or its equivalent
  • The insured\'s obligation to pay the premium
  • The occurrence of an uncertain future event
  • An insurable interest
types of insurance
Types of insurance
  • Indemnity insurance
  • Non-indemnity insurance
indemnity insurance
Indemnity insurance
  • There is uncertainty as to whether the insured event will ever occur
    • Eg: a hijacking, a car accident, a fire
  • The amount of the loss (if any) is unknown at the time of taking out the policy
  • The insured must have an insurable interest in what is being insured
non indemnity insurance
Non-indemnity insurance
  • It is certain that the event will occur – the only uncertainty is when
    • Eg: a persons death
  • The amount the insurer must pay is decided at the time the insurance is taken out & is not related to the loss
  • The insured must have an insurable interest in the life of the person being insured
good faith
Good faith
  • The concept of ubermae fides
warranties
Warranties
  • Affirmative warranties
  • Promissory warranties
affirmative warranties
Affirmative warranties
  • A declaration
    • Eg: Age last birthday
  • Materiality
promissory warranties
Promissory warranties
  • A promise or undertaking
    • Eg: The insured must arm the alarm system whenever leaving the property unattended
  • Does not have to be material
under over insurance
Under & over insurance
  • Over insured – no benefit to insured
  • Under insured – insurer will apply average
subrogation
Subrogation
  • Places insurer in shoes of insured
  • Allows insurer to sue in insured’s name
  • Cannot benefit twice from your mishap
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