StudentShare
Contact Us
Sign In / Sign Up for FREE
Search
Go to advanced search...

How well does insurance contract regulation work - Research Paper Example

Comments (0) Cite this document
Summary
Insurance is described as the fair transfer of the risk of a loss from one party or entity to another; this is carried out in exchange for a payment…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER94.7% of users find it useful
How well does insurance contract regulation work
Read TextPreview

Extract of sample "How well does insurance contract regulation work"

Download file to see previous pages An insurance policy is documented properly and the insured is handed over a contract which signifies the terms and conditions under which the insurance policy will be processed and the circumstances under which the financial compensation will be carried out1.
Insurance has gained wide popularity after big global incidents and financial crises such as the 9/11 catastrophe and the financial meltdown of 2008/09. These events have spread a wing of insecurity among people in many areas of their lives, be it their life, their finances, their property or their relatives. This has escalated the demand of insurance all over the world and insurance companies have shown fruitful results in their financial statements. To have a clear and comprehensive description and analysis of insurance and its operation, the economics of insurance have to be taken into account and the understanding of insurance law and insurance contract regulation and its working is essential2.
As every law in the world, there is a separate and credible law for insurance. Insurance law is a name designated towards the acts of law covering insurance comprising of insurance claims and policies. It contains all the principles of insurance including claim technicalities, compensation conditions, policy termination circumstances, indemnity, so on and so forth.
Insurance law is based mainly on Insurance Contracts Regulations 1985 which have been established using the Insurance Contracts Act 1984. The presence and importance of insurance contracts regulations is utmost and considering a serious and delicate contract like insurance, a set of stringent regulations based on solid laws must be existent and implementable3.
Insurance contracts regulations assist in numerous ways to the insurer as well as the insured and it created a specific, planned, professional progress way for the insurance policy throughout its tenor.
As mentioned above about the ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“How well does insurance contract regulation work Research Paper”, n.d.)
How well does insurance contract regulation work Research Paper. Retrieved from https://studentshare.org/miscellaneous/1588546-how-well-does-insurance-contract-regulation-work
(How Well Does Insurance Contract Regulation Work Research Paper)
How Well Does Insurance Contract Regulation Work Research Paper. https://studentshare.org/miscellaneous/1588546-how-well-does-insurance-contract-regulation-work.
“How Well Does Insurance Contract Regulation Work Research Paper”, n.d. https://studentshare.org/miscellaneous/1588546-how-well-does-insurance-contract-regulation-work.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF How well does insurance contract regulation work

LAW OF INTERNATIONAL INSURANCE CONTRACT

...compensation for their injuries. Also, the owner of the cargo that may have been carried in the ship would also claim for his loss against the ship-owner. Hull & Machinery insurance does not provide cover for such liabilities to third parties. However, the ship-owner can get protection from such claims by pursuing P & I insurance. As far as the liability to the owner of the cargo is concerned, the cargo owner has a first claim against the carrier. The cargo owner may not succeed in his claim because either the ship-owner was not responsible for the loss or he is protected under Hague-Visby2 rules. In such cases, the cargo owner claims compensation from his insurer under...
20 Pages(5000 words)Coursework

How does Interferon work

...How Does Interferon Work? HIV/AIDS is already a growing problem in our society today. It has already turned into a pandemic since its discovery in 1980. It weakens the immune system therefore rendering the person weak and susceptible to diseases and infections. Numerous researches and experiments are being undertaken to discover a cure for AIDS. An old drug that was used before now opens new possibilities in the treatment of this pandemic. This drug that resulted from biotechnology is derived from a naturally occurring protein in the body called interferon (Bardi par.1, 2, 4; Kallings, 218; Gallo). This paper aims to present the function and mechanism of Interferon Interferon, based on...
4 Pages(1000 words)Essay

How Does Internet Work

...Internet: How It Works? Introduction The Internet which is today one of the most popular and important element of human life is a system that comprises of several computer networks that are connected with each other with the assistance of standard internet protocol suite and is there to serve a huge amount of population. Internet came into existence during the period of 1969 and at that time period it was limited to only 4 host computers, today internet has grown in its size and comprises of millions of host computers. This writing will focus on how Internet is operated and the benefits and downsides associated with internet. Body How Internet Works All...
3 Pages(750 words)Research Paper

Does Turkey need regulation

...? Day Month Year Does Turkey Need Regulation? Advertising is one of those ‘necessary evils’ that are evidentin nearly every capitalistic society around the globe. Companies need an effective mechanism by which to tout their products and make them known to consumer. Barring that, they will have little opportunity to remain competitive and make significant enough revenue in order to stay in business. At the same time, society is crying out for regulation about all types of advertising, claiming that it has invaded their lifestyle, encroached upon their freedom to decide on their own, and is influencing certain vulnerable populations to purchase products they have no reason buying in the...
3 Pages(750 words)Essay

Refrigerator, how does it work

...?Running head: REFRIGERATOR, HOW IT WORK 31st October Introduction One of the best technologiesthat human being has invented for food storage is the refrigerator. As the demand for food increase in the cotemporary world due to the increase in population, most countries have advocated for storage of food to avoid wastage. On their part, majority of households are now focused at storing their food including the perishable ones to ensure that they have regular supply of food even during the hot whether or cold seasons when such products are scarce. Refrigeration is the process through which heat is removed from an item thus lowering its temperature. This paper keenly discusses how...
3 Pages(750 words)Research Paper

Insurance regulation

...Chapter 2 Literature Review It is imperative that current insurance regulations be assessed in order to discover both their positive aspects and their shortcomings. This will provide the ground work for developing an insurance regulatory framework for Kuwait. Assessing current insurance regulations and analyzing their shortcomings will help in developing future insurance regulation. These developments and modifications would probably have a positive affect on the insurance industry and mostly would benefit all sectors of society. Three issues are important for researching the issue of...
33 Pages(8250 words)Essay

Contract law course work

..., such as the offer of a reward for information or the return of a lost possession, the offer is exhausted when once accepted. The offeror clearly does not intend to pay many times over for the same thing. So, where a reward is offered for information asked for reaches the offeror from several sources, it has been held that the person who gave the earliest information is entitled to the reward(Lancaster v. Walsh (1838)4M&W.16) According to the case ‘Carlill vs. Carbolic Smoke Ball Co.(1893);Q.B.256 , in this case the manufacturer of smoke balls advertised in newspaper that whosoever contracts influenza even after taking their smoke ball will get certain amount as reward or damages in return from the...
10 Pages(2500 words)Essay

Law of Insurance Contract Disputes

...of the accident in order to avoid possibility for a dismissal (Schneider April 26, 2004). The offer to settle was initiated instead by the adverse party of the claimant. Further, the record shows claimant's counsel did not contradict the evidence showing customary industry practice is to respond to a settlement offer within a few weeks, not in months or years. Additionally, the claimant did not indicate immediate acceptance but only signified it a year and three months after the initial offer was made – on February 4, 1984 from the offer date of November 08, 1982 (Matthews, 2009). Reference List Matthews, J. (2009). How to Win your Personal Injury Claim. Berkeley, CA: Nolo. Schneider, D. M. (April 26, 2004). “Order...
1 Pages(250 words)Personal Statement

How Does the Brain Work

...they fail to realize the difference between what seems to be and what is. Consequently, the brain does use simple algorithms to quickly construct a picture of the reality. Since the human brain does not see everything around it and the fact that the entire world around the human brain is full of stimuli, relativity is used to construct pictures of how things are like. Consequently, the humans tend to use very little stimulus to create an image and hence making us notice the stuff to which our attention has been drawn. As a result we are distracted by the new point of focus only to end being oblivious of the obvious changes around us. From watching the clip, I understood that the brain...
1 Pages(250 words)Essay

How Does a Cookie Work

Sometimes, the websites also update the cookies in order to customize the site according to the preference of the users. For example, a user visiting eBay might be shown with a range of fitness equipment if he has searched for such equipment in the past. The sight might also welcome the user by name while recommending fitness equipment. Another example of a website which tracks through cookies is DoubleClick. This site develops a repertory of the user by tracking online behavior and purchases. However, the user’s names and addresses cannot be directly obtained from cookies. These can be obtained only if the user has registered himself on the website by giving personal information. Data from cookies and other analysis tools c...
16 Pages(4000 words)Assignment
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Research Paper on topic How well does insurance contract regulation work for FREE!

Contact Us