Insurance law is the name given to practices of law surrounding insurance, including insurance policies and claims. It can be broadly broken into two categories - regulation of the business of insurance and regulation of claim handling.
Objective is to provide knowledge and understanding of the laws which form the background to the operation of insurance, the system within which these laws operate and the ability to apply knowledge and skills to simple situations.
As a preliminary matter, insurance companies are generally required to follow all of the same laws and regulations as any other type of business. This would include zoning and land use, wage and hour laws, tax laws, and securities regulations. There are also other regulations that insurers must also follow.
Types of Insurances include Life Insurance, Marine Insurance, Fire Insurance, Accident Insurance, Motor Insurance, and Aviation Insurance
A contract of insurance is a contract whereby one person, called the insurer, agrees to indemnify another person, called the insured, against a loss which may arise upon the occurrence of the particular event.
The consideration paid by the insured either in the form of a lump sum or a periodical amount is called the “premium”. The loss which is insured is known as the “risk”.
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