This chapter examines the legal environment of insurance contracts, including: fundamental legal principles, requirements to form an insurance contract, legal characteristics of insurance contracts, and insurance law as it Many are downloadable. Functions. The inclusion of insured is inevitable as he is involved with property. In some sense, it’s a thing providing protection against a possible eventuality. Rhodes v. Equitable Life Assurance Soc., 109 Or 586, 592–593, 220 P 736 (1924). ADVERTISEMENTS: After reading this article you will learn about:- 1. Understanding Plan Characteristics and Types. Though all contracts share fundamental concepts and basic elements, insurance contracts typically possess a number of characteristics not widely found in other types of contractual agreements. may be part of the contract of insurance. Characteristics of Fire Insurance. Self-discipline is the art of passing up a little short-term pleasure in exchange for long-term gain. Meaning of Insurance 2. Ajit Kumar BBA Introduction 2. The insurance involves a pre known amount to be born by the insured in the form of fixed premium as per the terms and conditions of insurance agreement (say Insurance Policy). Characteristics of Fire Insurance. Insurer is required to continuously monitor and keep all information about activities of insured. The successful insurance agents are the ones who are disciplined enough to take action even when they don’t want to. They focus their time and energy on what has to get done, without procrastinating. Personal Insurance Contract. Need 6. 5. In exchange an insurance company promises to compensate the insured in case of loss. In every contract, there should be a legal consideration. Basic Types 5. View Fundamentals Of Risk And Insurance PPTs online, safely and virus-free! Life insurance is a contract that offers financial compensation in case of death or disability. The insurance is not only a protection but is a sort of investment because a certain sum is returnable to the insured at the death or the expiry of a period. Such losses are compensated as per the terms of the insurance policy purchased. One reason insurance issues can be so confounding is that the healthcare market is constantly changing and the coverage plans offered by insurers are hard to categorize. Definition of Insurance 3. CAPS Consumer Skills: Insurance—10E 3 Your car – The car you drive can also affect your insurance rates. General insurance includes Property Insurance, Liability Insurance, and Other Forms of Insurance. Characteristics 7. Legal consideration. Characteristics of Insurance Contracts. Some life insurance policies even offer financial compensation after retirement or a certain period of time. In an insurance contract, payment of premium is taken as a valid consideration. Working 8. You should ask your insurance agent before making a car purchase to Insurance contracts are complex documents embodying years of industry tradition, case law, and general practices. In other words, the lines between HMOs, PPOs, … Introduction about insurance 1. Insurance supports to the person to be independent. Meaning of Insurance: If one goes by the word meaning insurance is a contract between two parties whereby the insurer agrees to indemnify the insured […] It provides economic support to an individual, businessman which helps to increase the self-respect of the person in the society. INSURANCE is a practice or arrangement by which company or government agency provides a guarantee of compensation for specified loss, damage, illness or death in return for a payment of a premium. Get ideas for your own presentations. Also, read: Digital Insurance: Insights on Digital Trends in Insurance Industry What is Life Insurance. General Insurance. 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