Insurable interest meaning

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z This glossary provides helpful (re)insurance and underwriting definitions. For focused guidance on reinsurance terminology, see Practice Note: Reinsurance—essentials. A Accident An unforeseen or unintended event or incident that typically results in damage or injury (physical or financial) to the insured or a third party. Accidental damage Unintended or unexpected harm or damage caused to property or a person. Accidental death benefit Some life insurance policies pay an extra amount, over and above the original sum insured, if the insured dies because of an accident. Act of God (force majeure) An occurrence beyond anyone’s control, such as a natural disaster. Active underwriter The person with primary responsibility and authority to accept insurance and reinsurance risks on behalf of the members of a syndicate in the Lloyd’s market. See also Underwriter. Actuary A qualified professional who...

This starter guide offers an introductory primer on insurance and reinsurance. It is intended for junior lawyers and individuals who are new to insurance and reinsurance as a practice area. The guide highlights key issues and points to additional resources and materials that provide more comprehensive information on the topics covered. What is insurance law? Insurance law can be divided into three strands: insurance contract law, which governs the contractual relationship between insureds and insurers the law of intermediaries, which regulates insurance business conducted through agents (this is true for most insurance business) insurance regulation and company law, which is concerned with the financial soundness, probity and regulation of insurance companies For further detail, see Practice Note: General principles of insurance contract law. Insurance policies are, at heart, contracts and the usual principles of contractual construction apply. For more guidance on the nature of insurance contracts, see: Insurance contracts—overview and Practice Notes: Identifying contracts of insurance...

What is insurance law? Insurance law divides into three strands: insurance contract law, setting the rules of the bargain between policyholders and insurers the law of intermediaries, governing insurance arranged via agents (as with the majority of placements) insurance company law, addressing prudential soundness, integrity and the supervision of insurers This Practice Note focuses chiefly on insurance contract law. For wider regulatory material, see our ‘regulation of insurance’ subtopic, including Insurance & Reinsurance—regulatory framework—overview and Insurance & Reinsurance—Regulated activities—overview. Reform of the insurance sector In January 2006, the Law Commission and the Scottish Law Commission (together, the Law Commissions) began consulting on modernising insurance contract law. Their programme was then separated into three streams: consumer insurance law reform: pre-contract disclosure and misrepresentation insurance contract law reform: business disclosure, warranties, insurers’ remedies for fraudulent claims, and late payment insurance contract law reform: insurable interest Consumer insurance law reform—pre-contract disclosure and misrepresentation ...