PRINCIPLES OF INSURANCE LAW
1.0 INTRODUCTION
1.1 BUSINESS AND RISKS
Business cannot operate without incurring some
risk which may result in loss. To minimize the risk, businesses insures their
premises and goods.
Insurance is a means for persons and businesses
to protect and compensate themselves against the risk of loss – so that in the
event of loss – there would be financial compensation.
1.2 CLASSIFICATION OF INSURANCE
Insurance may be classified in several ways according to:
a.
The function they perform
b.
The main classes of business
c.
The Insurance Act 1963
By Function:
a.
Insurance of the person
b.
Insurance of the property
c.
Insurance of the liability of
policy-holder, that is when the insured person becomes liable at law for the
injury or death of another person or damage to the property
d.
Insurance of the rights or financial
interests
By the classes of business:
- Life
Insurance
- Marine
Insurance
- Fire
Insurance
- Accident
Insurance
- Motor
Insurance
- Aviation
Insurance
By the Insurance Act
a.
Life Insurance
b.
General insurance
PRINCIPLES OF INSURANCE LAW
Reviewed by Kamaruddin Mahmood
on
12:20:00 PG
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