The Principle of Insurable interest and it’s application on insurance contract The principle of insurable interest is also a very fundamental principle and is one that has to be put on consideration when about to enter into an insurance contract. Well before I begin to dive deep into this principle, I would just want to …
Some Common Policy Conditions in An Insurance Policy Some Policy Conditions are sort of put in place to help in regulating the contract. These policy conditions may be implied or they can express conditions. The Implied Conditions In the absence of express conditions, the insurance contract is subject to implied policy conditions which are: Good …
The Concept Of Overseas Travel Insurance In A General Contract The Overseas Travel Insurance is also a very important policy for travel lovers, its aim is to provide protection against all risks while traveling abroad. Accidents and mishaps can happen anytime and at any place and therefore it is essential for an individual to identify …
The Origin and Concept of Engineering Insurance Policy The Origin of Engineering Insurance could be dated back to the early part of the industrialisation revolution in the United Kingdom. It comes at a time when frequent explosion of steams boilers involved loss of life and property. In the eastern Region, the first company to introduce …
The Types of Marine Policy in an Insurance Contract The Various Types of Marine Policy is Something Every Voyager or insurer must know because, the different aspects of a marine policy are dealt with from section 24 to section 34 of the marine insurance Act of 1963. According to this act, a marine contract is …
The Application of Marine Insurance Policy in General Contract The Marine Insurance Policy very well originated in England, owning to the frequent movement of ships over high seas for trade. Marine insurance is an important element of general insurance. Because it essentially provides cover from loss suffered due to marine perils. Marine insurance extends beyond …
Machinery Breakdown Insurance Policy In an Insurance Contract The machinery breakdown policy is a very important policy in engineering insurance, this policy covers the damage caused to the machinery whether they are at work or at rest or even when dismantled for repairing or overhauling. Similarly damages caused during shuffling then from one place to …
The Need and Importance For Underwriting in Modern Insurance The need for underwriting in insurance is as integral as insurance itself. The need arose because of some basic reasons, and the foremost of them would be to avoid the concept of adverse selection and certain other hazards. Also the need for underwriting is also important …
The Concept and Application of Insurance Forms in a Contract An Insurance Form can be defined as a Mutual agreement between the insurer and the insured. It’s a known fact that insurance is a legal enforceable contract to indemnify the insured for the coverage losses as given in the policy. The insurance policy document is …
The Conceptual Clarification of an Insurance Contract An Insurance Contract is now becoming an Integral part of modern insurance system. In my previous article I was able to discuss the history and evolution of modern insurance and how it rose and evolved to what we all know and use. In this article, I’m going to be …