115 Sentences With "insurance contract" | Random Sentence Generator

On Sunday, the insurer signed a health insurance contract with Saudi Electricity.

The CDS is like an insurance contract: it pays out if the company defaults. 20173.

A variable annuity is an insurance contract where your payouts are based on the investments you select.

However, if an advisor chooses to ignore the insurance contract, you may end up with a train wreck.

The financial stability and strength of an insurance company is a major consideration when buying an insurance contract.

An annuity is a long-term insurance contract that allows consumers to generate a steady income during retirement.

Laws in the United States require that any insurance contract is approved by the regulatory powers that be.

It typically ranges from about 1 percent to 5 percent, depending on the specifics of your insurance contract.

Either way, that deductible typically ranges from about 1% to 5%, depending on the specifics of your insurance contract.

Bupa Arabia gained 1.2% after it won a health insurance contract from National Commercial Bank, which was down 13%.

Either way, that deductible typically ranges from about 000 percent to 5 percent, depending on the specifics of your insurance contract.

Either way, that deductible typically ranges from about 1 percent to 5 percent, depending on the specifics of your insurance contract.

The infrastructure group said on Saturday it had signed an insurance contract to cover its 210,2300 Italy-based employees against coronavirus.

One option is to use some of their savings to buy an annuity — an insurance contract that pays out income over time.

Either way, those amounts typically range from about 1% to 5% (with a minimum $500) depending on the specifics of your insurance contract.

The grounding of Boeing's 737 MAX has put further pressure on rates, even as underwriters try to tighten insurance contract language governing groundings.

Medical insurer BUPA Arabia rose 1.5 percent after the company said it had renewed its insurance contract with blue-chip petrochemical producer Saudi Basic Industries .

Somewhere in the fine print of nearly any insurance contract is a promise to cover all "medically necessary" services for whoever decides to buy a policy.

Hedging can reduce risks associated with volatility in oil prices, acting as an insurance contract to lock in a future selling price and fix spending plans.

"The promise that comes as part of an insurance contract, so to speak, is to pay for legal liability, not for moral liability," Mr. Jones said.

Mr Holmstrom's analyses of insurance contracts describe the inevitable trade-off between the completeness of an insurance contract and the extent to which that contract encourages moral hazard.

A Texas television station was implicated when a man made recordings of his neighbor's cordless phone conversations discussing plans to interfere in the local school district's insurance contract.

Hybrid Air Vehicles said that its insurer, Allianz, "have helped us significantly in the phase after our heavy landing", without giving any details about terms of the insurance contract.

Insurers will bear the cost of devices being fitted when customers start or renew their annual insurance contract, but we expect they will pass the costs to customers through premiums.

"They typically will not have the leverage to be able to say no to an insurance contract, when that insurer may control 50-60 percent of the patients they see," he said.

The results were impacted by a 26% fall in life insurance profit from its insurance subsidiary attributed to a decline in the discount rate used to value long-term insurance contract liabilities, OCBC said.

But he admitted that the trust was paying to fuel, maintain and crew the Déjà Vu — a boat that he was the only person permitted to use, according to a copy of the boat's insurance contract.

Back then, questions of how much one should bet in a game of chance, or how much to pay for an insurance contract, were typically addressed by imagining that every possible outcome would happen in its own parallel world.

For example, Matt Chancey, CFP, investment advisor with ClaraPHI Advisory Network, uses the "buy-write" strategy, in which the investor buys a stock and sells ("writes") a call option, a month-long insurance contract that gives him or her the right ("option") to buy the stock at a discounted price.

When Hayley comes in to my office crying, saying that Dusty (her cat) has cerebellar issues—that Dusty is just walking in circles, Dusty is not eating properly—and she needs the rest of the week off to take care of her, I say yes, even though I am short on people trained to handle our new insurance contract.

Peer-to-peer insurance is a reciprocity insurance contract through the Collaborative consumption concept.

Pension insurance contract is an insurance contract that specifies pension plan contributions to an insurance undertaking in exchange for which the pension plan benefits will be paid when the members reach a specified retirement age or on earlier exit of members from the plan.

On April 27, 2012, Mayor John Bencivengo was charged by the U.S. Attorney's office for corruption in the extortion of payments in exchange for influencing the awarding of a health insurance contract for the Township's Board of Education.Duffy, Erin. "Hamilton Mayor John Bencivengo is charged with extorting bribe over school insurance contract", The Times (Trenton), April 27, 2012. Accessed April 28, 2012.

Problem: Suppose there are persons aged with remaining random (but independent) lifetimes . Suppose the group signs a life insurance contract which pays them after years the amount if exactly persons out of are still alive after years. How high is the expected payout of this insurance contract in years? Solution: Let denote the event that person survives years, which means that .

A sample insurance contract. Documents such as this helped traders survive losses. Insurance companies were another way to mitigate risk. Insurance in one form or another has been around as far back as there are records.

This would be a type of mutual insurance contract. Another approach would be to trade "risk securities" among countries. These securities would amount to betting on particular climate outcomes. These two approaches would allow for a more efficient distribution of climate change risks.

A reversionary bonus is awarded during the term of the insurance contract, and guaranteed to be paid at maturity. It cannot be removed after declaration. The annual bonus may consist of two parts. The guaranteed bonus is an amount normally expressed as a monetary amount per £1,000 sum assured.

De Held Jozua was built in or shortly before 1719. The "windbrief" (letter of wind rights), dated 25 July 1719 was granted to Hendrik Claasz. de Boer. An insurance contract mentions a vicar called Gerardus van Aelst as owner in 1728, who may be the source of the biblical name of the mill.

Hidden exclusion periods are not valid under Title I (e.g., "The accident, to be covered, must have occurred while the beneficiary was covered under this exact same health insurance contract"). Such clauses must not be acted upon by the health plan. Also, they must be re-written so they can comply with HIPAA.

Initially, 5,000 homes were insured by his Insurance Office.Dickson (1960): 7 fire insurance contract. In the wake of this first successful venture, many similar companies were founded in the following decades. Initially, each company employed its own fire department to prevent and minimize the damage from conflagrations on properties insured by them.

Insurance companies incur large expenses when acquiring new business, but to ensure that they comply with GAAP's matching principle they need to spread out these costs over the period in which revenues are earned. The DAC is treated as an asset on the Balance Sheet and amortized over the life of the insurance contract.

A with-profits policy (Commonwealth) or participating policy (U.S.) is an insurance contract that participates in the profits of a life insurance company. The company is often a mutual life insurance company, or had been one when it began its with-profits product line. Similar arrangements are found in other countries such as those in continental Europe.

Uberrima fides is strictly limited in English law to the formation of the insurance contract. During the mid-20th century, American courts expanded it much farther into a post-formation implied covenant of good faith and fair dealing. Violation of that implied covenant came to be seen as a tort, now known as insurance bad faith.

Intermediaries who knew about movies, much more than either the bank or the insurer, negotiated. The bank made a claim for insurance cover. HIH resisted the bank's claim and in doing so alleged misrepresentations, both negligent and fraudulent by the bank’s agents (not the bank itself). The insurance contract had disclaimers for misrepresentations by the bank.

However, in 1954, the Quebec Liquor Commission became the first business to hold a group insurance contract with the organization. In 1976, the first subsidiary of la Mutuelle des employés civils, La Capitale General Insurance, was formed. The creation of La Capitale General Insurance also signified the organization's move from only offering insurance products to state employees to offering their products to everyone.

EWP adds tax deferral, income, estate tax benefits and dynasty tax planning opportunities. Assets held in a life insurance contract are considered tax-deferred in most jurisdictions throughout the world. Likewise, PPLI policies that are properly constructed shield the assets from all taxes. In most cases, upon the death of the insured, benefits are paid as a tax free death benefit.

Instead of answering to the charges, Dr. Mott commits suicide to avoid being arrested. Lawyers tell Mott's pregnant widow that her husband's assets have been frozen because of the lawsuits, he voided his life insurance contract by committing suicide, and she will lose her luxurious home. Stressed, Mrs. Mott goes into pre-term labor, loses her baby, and undergoes an emergency hysterectomy.

Car registration documents in Poland bear a summary, compressed by NRV2E algorithm, encoded as Aztec Code. Works are underway to enable car insurance companies to automatically fill in the relevant information based on digital photographs of the document as the first step of closing a new insurance contract. Federal Tax Service in Russia encodes payment information in tax notices as Aztec Code.

Furthermore, Italian traders spread the knowledge and use of insurance into Europe and The Mediterranean. In the fifteenth century, word policy for insurance contract became standardized. By the sixteenth century, insurance was common among Britain, France, and the Netherlands. The concept of insuring outside native countries emerged in the seventeenth century due to reduced trade or higher cost of local insurance.

The interim insurance contract is usually embodied in a document which is commonly known as a “cover note,” but other expressions--“protection note,” “interim policy,” “temporary policy” and, inappropriately, “interim receipt”—occur as well. Temporary insurance is sometimes granted in terms of a reminder to renew an existing insurance contract, and can be encountered in various other types of documents. Whether a document recording the terms of an interim contract of insurance may be regarded as the exclusive memorial of such a contract depends on the intention of the parties. A cover note may not normally be regarded as a “policy” in the ordinary sense of the word. Nonetheless, the definitions of the various “policies” in the Long-term Insurance Act, and in the Short-term Insurance Act, are wide enough to include cover notes and all other like documents recording insurance cover.

In Singapore, it is illegal to ride a motorcycle if the rider's name is not entered in the insurance contract. For each motorcycle, only one co- rider can be entered, but the procedure to change the co-rider is comparatively quick and easy. The only exception is commercial insurance, where any rider can use the vehicle. Only a business registered company can register for a commercial insurance.

The endowment policy is a life insurance contract designed to pay a lump sum after a specific term (on its 'maturity') or on death. Typical maturities are ten, fifteen or twenty years up to a certain age limit. Some policies also pay out in the case of critical illness. Policies are typically traditional with-profits or unit-linked (including those with unitized with-profits funds).

The insurer has a right to avoid liability on the contract if the proposer misrepresents a material fact, or if he fails to disclose a material fact. In other words, a breach of the duty of good faith renders the contract voidable at the instance of the insurer, after he has been notified of the non-disclosure. Both positive and negative misrepresentation are recognised as grounds for avoiding the insurance contract.

Amicable Society for a Perpetual Assurance Office, Serjeants' Inn, Fleet Street, London, 1801 Amicable Society coat of arms Fire insurance contract of 1796 Amicable Society for a Perpetual Assurance Office (a.k.a. "Amicable Society") is considered the first life insurance company in the world.Anzovin, p. 121 The first life insurance company known of record was founded in 1706 by the Bishop of Oxford and the financier Thomas Allen in London, England.

The Supreme Court's ruling in Wilburn Boat has been subject to a great deal of criticism. Most critics of the decision argue that it was poorly reasoned and poorly articulated. As a result, multiple levels of uncertainty were created; more specifically, there has been a great deal of confusion over which state's law should govern a given marine insurance contract and the apparent unpredictability of the prospective outcomes.Michael F. Sturley.

It commenced operation in September 2010 under a CMI (Crew, Maintenance, and Insurance) contract. In 2011, Atlas Air took the first North American delivery of the Boeing 747-8 Freighter (Boeing 747-8F). In September 2012, Atlas Air renewed a training contract with the United States Air Force to continue to provide training for the pilots of Air Force One. The contract also provides training for the Presidential Airlift Group for a five-year period.

There is no uniform law or convention for international marine insurance. However commercial customs, usage and practices in international marine insurance have played a significant role in regulating marine insurance internationally. Thus the marine insurance contract is subject to both general principles of contract law and relevant domestic marine insurance law. Aviation Insurance contracts may be divided into hull insurance; cargo insurance; airport owners and operators liability; hovercraft insurance; spacecraft insurance; and commercial aircraft insurance.

Uberrima fides (sometimes seen in its genitive form uberrimae fidei) is a Latin phrase meaning "utmost good faith" (literally, "most abundant faith"). It is the name of a legal doctrine which governs insurance contracts. This means that all parties to an insurance contract must deal in good faith, making a full declaration of all material facts in the insurance proposal. This contrasts with the legal doctrine caveat emptor ("let the buyer beware").

The principle of uberrima fides does not affect the arms-length nature of the agreement, and cannot be used to find a general fiduciary relationship. The insurance contract, as noted above, imposes certain specific obligations on its parties. These obligations, however, do not import general fiduciary duties into each and every insurance relationship. Before such fiduciary obligations can be imported there must be specific circumstances in the relationship that call for their imposition.

The formation of an insurance contract is governed by ordinary contractual principlesHalsbury's Laws of England, 4th ed, vol. 25 (2003 reissue), [70]. however, as a commercial contract, a policy of insurance should be given a businesslike interpretation "having regard to the language used by the parties, the commercial circumstances the document addresses, and the objects which it is intended to secure."Horsell International Pty Ltd v Divetwo Pty Ltd [2013] NSWCA 368.

Under the IFRS 17 model, insurance contract liabilities will be calculated as the present value of future insurance cash flows with a provision for risk. The discount rate will reflect current interest rates. If the present value of future cash flows would produce a gain at the time a contract is issued the model would also require a "contractual service margin" to offset the day 1 gain. The contractual service margin would amortize over the life of the contract.

To mitigate this perceived unfairness, legal systems apply the doctrine of contra proferentem; giving the benefit of any doubt in favor of the party that did not provide the contract. Contra proferentem also places the cost of losses on the party who was in the best position to avoid the harm. This is generally the person who drafted the contract. An example of this is the insurance contract mentioned above, which is a good example of an adhesion contract.

A contingent beneficiary is someone who benefits from a contingent contract; they profit from a promise, which may or may be fulfilled, to do or abstain from doing a certain thing. This matter itself is realized only on the happening of some future uncertain event. In the context of an insurance policy, the condition is generally the death of the insurance contract holder; the party who benefits is referred to as the primary beneficiary.Morris, Virginia; Morris, Kenneth.

In the High Court the matter came before Longmore J, who commented in the course of his judgment that it was like "being set an examination question on the applicable law".RZB v Five Star, para 2. He adjudicated the issue to be one of contract, and held the issue was to be determined by English law (as the chosen governing law of the insurance contract), and so the Austrian bank prevailed.RZB v Five Star, para 18.

Early hospital and medical plans offered by insurance companies paid either a fixed amount for specific diseases or medical procedures (schedule benefits) or a percentage of the provider's fee. The relationship between the patient and the medical provider was not changed. The patient received medical care and was responsible for paying the provider. If the service was covered by the policy, the insurance company was responsible for reimbursing or indemnifying the patient based on the provisions of the insurance contract ("reimbursement benefits").

The cash value of an insurance contract, also called the cash surrender value or surrender value, is the cash amount offered to the policyholder by the issuing life carrier upon cancellation of the contract. This term is normally used with a life insurance or life annuity contract. To receive the cash value, the policyholder surrenders their rights to future benefits under the policy. Cash values are usually associated with whole life insurance or endowment life insurance and other forms of permanent life insurance.

Akeel worked as a Certified Public Accountant through the 1990s, but eventually turned to the legal profession. After obtaining his J.D. degree, he became an associate at the law firm of Melamed, Dailey, and Akeel in 1996, becoming a full partner in 2000. Reflecting his business background, his original specialties were property insurance, contract law, and personal injury law, and did not become involved in civil rights law until 2001. However, his focus changed after the attacks of September 11.

The insurer's position was consistent with the 1925 decision of the House of Lords in Macaura v Northern Assurance Co Ltd. Although the SCC rejected the plaintiffs corporate veil argument, and his bailee argument, the court did not uphold the Macaura rule. The ratio of this case is that an insured may recover an indemnity so long as they meet the factual expectancy test, regardless of whether they have bare legal title to the subject matter of the insurance contract.

Separate insurance contracts (i.e., insurance policies not bundled with loans or other kinds of contracts) were invented in Genoa in the 14th century, as were insurance pools backed by pledges of landed estates. The first known insurance contract dates from Genoa in 1347, and in the next century maritime insurance developed widely and premiums were intuitively varied with risks. These new insurance contracts allowed insurance to be separated from investment, a separation of roles that first proved useful in marine insurance.

The financial stability and strength of an insurance company should be a major consideration when buying an insurance contract. An insurance premium paid currently provides coverage for losses that might arise many years in the future. For that reason, the viability of the insurance carrier is very important. In recent years, a number of insurance companies have become insolvent, leaving their policyholders with no coverage (or coverage only from a government- backed insurance pool or other arrangement with less attractive payouts for losses).

The type of insurance contract depends on the Incoterm adopted by the parties in a sale contract. A CIF sale contract requires the seller to obtain insurance cover for the voyage. An FOB contract however places no obligation on the buyer or seller to obtain insurance, although it is prudent for the buyer to protect against potential losses. It is not uncommon for the buyer in a FOB contract to request the seller to arrange insurance on an understanding that they will reimburse the insurance costs incurred.

In commercial contracts generally, a warranty is a contractual term, breach of which gives right to damages alone; whereas a condition is a subjectivity of the contract, such that if the condition is not satisfied, the contract will not bind. By contrast, a warranty of a fact or state of affairs in an insurance contract, once breached, discharges the insurer from liability under the contract from the moment of breach; while breach of a mere condition gives rise to a claim in damages alone.

A modified endowment contract is a cash value life insurance contract in the United States where the premiums paid have exceeded the amount allowed to keep the full tax treatment of a cash value life insurance policy. In a modified endowment contract, distributions of cash value are taken from taxable gains first as compared to distributions taken from non taxable contributions. In other words, withdrawals will typically be taxed as ordinary income (typically the highest rates for investments) instead of treated as non taxable income.

In being similar to one another in terms of economic market effects, simple positions are particularly susceptible to being re-characterised. When this happens, substantial legal consequences can result, as each legal instrument has different consequences. Whilst a guarantee and an indemnity have, in substance, the same economic result; the law characterises each differently because it affords an indemnifier less protection than a guarantor. Similarly, a derivative or guarantee must not be recharacterised as an insurance contract, as such contracts are strictly regulated by government regulation.

The customer function is the function of: (1) advising on investments other than a non-investment insurance contract (but not where this is advising on investments in the course of carrying on the activity of giving basic advice on a stakeholder product) and performing other functions related to this such as dealing and arranging; (2) giving advice to clients solely in connection with corporate finance business and performing other functions related to this; (3) giving advice or performing related activities in connection with pension transfers or opt-outs for retail clients; (4) giving advice to a person to become, or continue or cease to be, a member of a particular Lloyd's syndicate; (5) dealing, as principal or as agent, and arranging (bringing about) deals in investments other than a non- investment insurance contract with, for, or in connection with customers where the dealing or arranging deals is governed by COBS 11 (Dealing and managing); (6) acting in the capacity of an investment manager and carrying on functions connected to this; (7) in relation to bidding in emissions auctions, acting as a 'bidder's representative' within the meaning of subparagraph 3 of article 6(3) of the auction regulation.

Terms of the contract provided under warranties, that without written consent of the insurer the vessel could not be transferred, assigned, hired, or chartered and must be used solely for pleasure purposes. The Wilburn Boat Company had been operating the Wanderer as a commercial carrier, and the vessel had been sold and transferred by the Wilburn's in their personal capacity to the Wilburn Boat Co. Furthermore, the vessel had been pledged as collateral on two occasions; once to Citizen's National Bank and then to J.F. and J.H. WIlburn, jointly. The Wilburn Boat Company brought suit in state court admitting to breaching the terms of the contract, but alleging that Texas law governed the terms of the marine insurance contract and as such Fireman's Fund is still liable (Texas state statute provides that only in the event that the breach is the cause for the subsequent loss may the insured be barred from recovery). The case was removed to federal court under diversity jurisdiction where Fireman's Fund argued that federal admiralty law governed and as such federal admiralty law requires strict compliance with terms of a marine insurance contract in order to recover on losses.

Most civil servants benefit from a tax-funded government employee benefit scheme covering a percentage of the costs, and cover the rest of the costs with a private insurance contract. Recently, private insurers provide various types of supplementary coverage as an add upon of the SHI benefit package (e.g. for glasses, coverage abroad and additional dental care or more sophisticated dentures). The health economics of Germany sector was about US$368.78 billion (€287.3 billion) in 2010, equivalent to 11.6 percent of gross domestic product (GDP) this year and about US$4,505 (€3,510) per capita.

Among the accounting requirements IFRS 4 introduced are a requirement to test that insurance liabilities are adequate and that reinsurance assets are not impaired. It also prohibits setting up a liability for insurance claims that have not been incurred. Although insurance contracts are subject to the requirements of IFRS 9 that embedded derivatives within other contracts be measured separately at fair value, IFRS 4 makes a limited exception for embedded derivatives that meet the definition of an insurance contract. Such embedded derivatives within insurance contracts do not need to be measured separately.

Related problems in insurance are adverse selection, such that those at most risk are most likely to insure (say reckless drivers), and moral hazard, such that insurance results in riskier behaviour (say more reckless driving). Both problems may raise insurance costs and reduce efficiency by driving otherwise willing transactors from the market ("incomplete markets"). Moreover, attempting to reduce one problem, say adverse selection by mandating insurance, may add to another, say moral hazard. Information economics, which studies such problems, has relevance in subjects such as insurance, contract law, mechanism design, monetary economics, and health care.

Jerry Joseph Larpenter is the former sheriff and tax collector of Terrebonne Parish, Louisiana. In August 2016, it was reported that Larpenter's deputies raided the residence of a local anti-corruption blogger on criminal defamation charges after posts examining the business relationships of local parish politicians. The anti-corruption blogger claimed that an insurance contract for parish government was awarded without going through a public bid process and without a required ordinance. Local newspaper The Daily Comet pointed out that Larpenter's wife is employed by the same insurance business.

In an opinion by Justice Black, the court explored two questions; (1) Is there a federal admiralty jurisdiction rule governing compliance with warranties in a marine contract and (2) If not, should the court fashion one? The Supreme Court reversed in remanded, establishing that there was no federal admiralty law rule governing warranties in a marine insurance contract, and rather than formulating a uniform admiralty law rule The Court cited to a previous Supreme Court decision, Paul v. Virginia, and concluded that marine insurance contracts, like all other insurance contracts are subject to state law.

The Hospital of the Holy Spirit in Lübeck, established in 1286, is a precursor to modern hospitals. Germany's system of hospitals, called Krankenhäuser, dates from medieval times, and today, Germany has the world's oldest universal health care system, dating from Bismarck's social legislation of the 1880s. Since the 1880s, reforms and provisions have ensured a balanced health care system. The population is covered by a health insurance plan provided by statute, with criteria allowing some groups to opt for a private health insurance contract. According to the World Health Organization, Germany's health care system was 77% government- funded and 23% privately funded .

The ‘’’Insurance Law Reform Act [1977]’’' was the first of several such named acts that regulated certain aspects of the insurance industry in New Zealand. Section 4 and 5 prohibits any insurance claim declined due to any misstatement by the applicant that was not substantially incorrect as well as being not immaterial. Section 7 prohibits any life policy being declined solely due to any misstatement of age, and where such instances occur, requires the insurance company to readjust the policy as if the correct age had been given. Section 8 prohibits any compulsory arbitration clause in an insurance contract.

An endowment policy is a life insurance contract designed to pay a lump sum after a specific term (on its 'maturity') or on death. Typical maturities are ten, fifteen or twenty years up to a certain age limit. Some policies also pay out in the case of critical illness. Policies are typically traditional with- profits or unit-linked (including those with unitised with-profits funds the holder then receives the surrender value which is determined by the insurance company depending on how long the policy has been running and how much has been paid into it.

Ashkenazi Shmuel Katz (Shmuel Rodensky) and Sephardic Kasosh Carasso (Joseph Shiloach) are a feuding insurance brokers competing for a big oil insurance contract. Katz has two daughters, the older Naomi (Efrat Lavie) and the younger Tiki (Nitza Shaul), while Carraso has two sons, Joseph (Osi) (Yehuda Barkan) and Eliyahu (Yahu) (Gadi Yagil). In order to win the contract, Katz sends his Naomi while Carasso sends Osi to Eilat in order to seduce the womanizing Mr. Israel Israeli (Yehuda Efroni). While Mr. Israeli pursue Daniela, a friend of Osi (Tzipi Levine) the two connect and fall for each other.

The Group has a holding structure with the Visana Plus Foundation as the umbrella of the Group, as well as the four subsidiary companies Visana AG, Visana Versicherungen AG, sana24 AG and vivacare AG operating in the insurance area. The Visana Group is one of the largest Swiss health and accident insurers. It offers compulsory health insurance according to health insurance law, supplementary and non-life insurance according to insurance contract law and accident insurance according to accident insurance law. The company insures private customers (individuals and families) as well as corporate clients (companies, public institutions and associations).

Marine insurance is very important for international trade and makes large commercial trade possible. The risk hedging instruments our ancestors used to mitigate risk in medieval times were sea/marine (Mutuum) loans, commenda contract, and bill of exchanges. Nelli (1972) highlighted that commenda contract and sea loans were almost the closest substitute of marine insurance. Furthermore, he pointed out that for a half century, it was considered that the first marine insurance contract was floated in Italy on October 23, 1347; however, professor Federigo found that the first written insurance contracts date back to February 13, 1343, in Pisa.

A contractum trinius was a set of contracts devised by European bankers and merchants in the Middle Ages as a method of circumventing canonical laws prohibiting usury as a part of Christian finance. At the time, most Christian nations heavily incorporated scripture into their laws, and as such it was illegal for any person to charge interest on a loan of money. To get around this, a set of three separate contracts were presented to someone seeking a loan: an investment, a sale of profit and an insurance contract. Each of these contracts were permissible under canon law, but together replicated the effect of an interest-bearing loan.

Contracts of insurance, like all other types of contract, are therefore contracts of good faith. The feature of good faith is not an essential or distinguishing feature of the insurance contract. Despite rejecting the notion of utmost good faith, the court in M&F; v Oudtshoorn did not set out the content of the requirement of good faith as it pertains to insurance contracts. Accordingly, past authority which dealt with the content of the notion of utmost good faith must still be consulted for guidance, while bearing in mind that, in principle, any duty concerned is not a duty of exceptional good faith, but simply one of good faith.

Generally, IFRS 4 permitted companies to continue previous accounting practices for insurance contracts, but did enhance the disclosure requirements. IFRS 4 defines an insurance contract as a "contract under which one party (the insurer) accepts significant insurance risk from another party (the policyholder) by agreeing to compensate the policyholder if a specified uncertain future event (the insured event) adversely affects the policyholder." The standard provides definitions to distinguish "insurance risk" from "financial risk." IFRS 4 exempts insurance companies from certain other IFRS standards, including IAS 8 on changes in accounting policies, until phase II is complete, but IFRS 4 does introduce its own requirements for changes in accounting policies.

The addendum should be referenced in the contract, or the contract should be referenced in the addendum, so that it is clear which contract the addendum is modifying. A rider is often used to add specific detail and especially specific conditions to a standard contract such as an insurance contract. A rider may also be added to a piece of legislation. Schedules and exhibits are sub-categories of addenda, with schedules being related to numerical and time information, such as pricing and time-schedules, and exhibits used for examples of standard forms or additional information necessary for the parties to understand and/or comply with their contractual obligations.

The Court of Appeals noted that Birch actually lost depreciated property worth $7346.26. Due to his insurance contract with Fire Exchange, Birch was entitled to more than the value of the property at the time it was destroyed in replacement value, minus his deductible. Fire Exchange paid Birch $7232.91 in replacement value and $475 to reimburse his deductible for a total of $7707.91. Because the total Birch received was $361.65 more than his actual losses of $7346.26, the Court of Appeals concluded that he had been made whole and affirmed the decision of the district court granting summary judgment in favor of Fire Exchange.

Reinsurers were notable participants in the early development of the synthetic CDO and weather derivative markets through such activities. A subset of activities in which reinsurers take capital markets risks is dual- trigger or multiple trigger contracts. Such contracts exist between a protection buyer and a protection seller, and require that two or more events take place before a payment from the latter to the former is "triggered." For example, an oil company may desire protection against certain natural hazards, but may only need such protection if oil prices are low, in which case they would purchase a dual trigger derivative or re/insurance contract.

Insurance is a risk treatment option which involves risk sharing. It can be considered as a form of contingent capital and is akin to purchasing an option in which the buyer pays a small premium to be protected from a potential large loss. Insurance risk is often taken by insurance companies, who then bear a pool of risks including market risk, credit risk, operational risk, interest rate risk, mortality risk, longevity risks, etc. The term “risk” has a long history in insurance and has acquired several specialised definitions, including “the subject-matter of an insurance contract”, “an insured peril” as well as the more common “possibility of an event occurring which causes injury or loss”.

Metropolitan Ry. Co., where Lord Blackburn had said that to get a contract simply performing a private act is not enough to create obligations on other people. If one was honestly going to take the advertisement seriously, then it would allow someone that stole the Smoke Ball, and used it and got the flu, to get a reward. But that would be absurd because there would be no benefit given to the company. And, using the arguments from the Queen's Bench briefly, even if it was a contract between a purchaser and the company, it would still be void as a wagering (gambling) contract or as an insurance contract without the required form.

An 18th-century fire insurance contract. Property insurance can be traced to the Great Fire of London, which in 1666 devoured more than 13,000 houses. The devastating effects of the fire converted the development of insurance "from a matter of convenience into one of urgency, a change of opinion reflected in Sir Christopher Wren's inclusion of a site for 'the Insurance Office' in his new plan for London in 1667".Dickson (1960): 4 A number of attempted fire insurance schemes came to nothing, but in 1681, economist Nicholas Barbon and eleven associates established the first fire insurance company, the "Insurance Office for Houses", at the back of the Royal Exchange to insure brick and frame homes.

Incoming claims are classified based on severity and are assigned to adjusters whose settlement authority varies with their knowledge and experience. The adjuster undertakes an investigation of each claim, usually in close cooperation with the insured, determines if coverage is available under the terms of the insurance contract, and if so, the reasonable monetary value of the claim, and authorizes payment. The policyholder may hire their own public adjuster to negotiate the settlement with the insurance company on their behalf. For policies that are complicated, where claims may be complex, the insured may take out a separate insurance policy add-on, called loss recovery insurance, which covers the cost of a public adjuster in the case of a claim.

Typically, documents or acts which are void ab initio cannot be fixed and if a jurisdiction, a document or an act is so declared at law to be void ab initio, the parties are returned to their respective positions that they were at the beginning of the event. "Void ab initio" is often contrasted with "voidable", such documents which become void only as of the date of the judicial declaration to that effect. An insurer facing a claim from an insured who had deceived the insurer on a material fact would claim that the insurance contract was void ab initio; it was null and void from the beginning and that since there was no legally enforceable contract, the insurer ought not to have to pay.

When the applicant (the insured) instituted action in a High Court against the respondent (the insurer) on a short-term insurance contract, the insurer raised a special plea that it had been released from liability under the contract, since the applicant had failed to institute the action within the time period specified in the contract, namely ninety days from the date of repudiation of the claim. The applicant replicated that the time-limitation clause was unconstitutional and unenforceable because it violated his right under the Constitution of the Republic of South Africa to have the matter determined by a court.s 34. The High Court upheld the applicant's contention, made an order declaring the time-limitation clause to be inconsistent with the Constitution and dismissed the special plea.

Hedge relationship describes the criteria for including the fair value of derivatives on balance sheet as part of an effort to regulate and normalize the use of hedging in corporate accounting. A hedge relationship can be conceptualized as a type of insurance contract for risk mitigation on an underlying asset and a set of tests and methods for valuation of this insurer/insuree contract in corporate accounting and reporting. In general, the use of hedges and financial derivatives to protect against risk should reflect a fair value assessment of the hedge and should not appear as items in corporate income. For companies operating outside of the financial services sector an effective hedge should protect against undue loss without being a major component of company income statements.

In a subsequent decision of the Constitutional Court, Thebus v S 2003 (6) SA 505 (CC), no reference was made to Khumalo or to any of the academic literature on the issue, and "the difficult relationship between s 8 and s 39. The court did hint, however, that section 39 (indirect application) was the default mode for considering challenges to the common law" (Currie and De Waal Handbook 46).See Woolman's accusations of laziness against the court in Khumalo, in its reliance on 39(2). In its only other encounter with direct horizontality, in Barkhuizen v Napier, the Constitutional Court declined to apply the Bill of Rights directly to a challenge to a time-limitation clause in an insurance contract.

The Introducer Appointed Representatives permitted to assist in insurance contract arrangements with UIA Mutual include UNISON -- the Public Service Union (successor to NALGO), Unite the Union, the Communication Workers' Union (CWU), National Association of Schoolmasters Union of Women Teachers (NASUWT), Union of Shop, Distributive and Allied Workers (USDAW), Bakers, Food and Allied Workers Union (BFAWU), National Association of Probation Officers (NAPO), Fire Brigades Union (FBU), National Union of Rail, Maritime and Transport Workers (RMT) and the Ramblers' Association charity. UIA (Insurance Services) is an insurance broker providing travel, pet and motor insurance mainly to clients of its holding company, UIA (Insurance). UIA motor insurance is arranged and administered by Autonet Insurance Services. UIA travel insurance is arranged and administered by AllClear Insurance Services.

Level premium whole life insurance (sometimes called ordinary whole life, though this term is also sometimes used more broadly) provides lifetime death benefit coverage for a level premium. Whole life premiums are much higher than term insurance premiums, but because term insurance premiums rise with increasing age of the insured, the cumulative value of all premiums paid under whole and term policies are roughly equal if the policy continues to average life expectancy. Part of the insurance contract stipulates that the policyholder is entitled to a cash value reserve that is part of the policy and guaranteed by the company. This cash value can be accessed at any time through policy loans that are received income tax-free and paid back according to mutually agreed-upon schedules.

Whole life insurance typically requires that the owner pay premiums for the life of the policy. There are some arrangements that let the policy be "paid up", which means that no further payments are ever required, in as few as 5 years, or with even a single large premium. Typically if the payor doesn't make a large premium payment at the outset of the life insurance contract, then he is not allowed to begin making them later in the contract life. However, some whole life contracts offer a rider to the policy which allows for a one time, or occasional, large additional premium payment to be made as long as a minimal extra payment is made on a regular schedule.

Under an "indemnification" policy, the insurance carrier can generally either "reimburse" or "pay on behalf of", whichever is more beneficial to it and the insured in the claim handling process. An entity seeking to transfer risk (an individual, corporation, or association of any type, etc.) becomes the "insured" party once risk is assumed by an "insurer", the insuring party, by means of a contract, called an insurance policy. Generally, an insurance contract includes, at a minimum, the following elements: identification of participating parties (the insurer, the insured, the beneficiaries), the premium, the period of coverage, the particular loss event covered, the amount of coverage (i.e., the amount to be paid to the insured or beneficiary in the event of a loss), and exclusions (events not covered).

The standard set was twofold: to define a maximum amount of cash value per death benefit and to define a maximum premium for a given death benefit. If the maximum premium is exceeded the policy no longer qualifies for all of the benefits of a life insurance contract and is instead known as a modified endowment contract or a MEC. A MEC still receives tax free investment returns, and a tax free death benefit, but withdrawals of cash value in a MEC are on a 'LIFO' basis, where earnings are withdrawn first and taxed as ordinary income. If the cash value in a contract exceeds the specified percentage of death benefit, the policy no longer qualifies as life insurance at all and all investment earnings become immediately taxable in the year the specified percentage is exceeded.

In its broadest sense, no-fault insurance is any type of insurance contract under which the insured party is indemnified by their own insurance company for losses, regardless of the source of the cause of loss. In this sense, it is no different from first-party coverage. The term "no-fault" is most commonly used in the context of state or provincial automobile insurance laws in the United States, Canada, and Australia, wherein a policyholder and their passengers are reimbursed by the policyholder's own insurance company without proof of fault, and are restricted in their right to seek recovery through the civil-justice system for losses caused by other parties. No-fault insurance has the goal of lowering premium costs by avoiding expensive litigation over the causes of the collision, while providing quick payments for injuries or loss of property.

NIMA generally applied to property and casualty insurance, consistent with the NRRA, but allowed a state to utilize the clearinghouse for non-property and casualty insurance too. NIMA also defined "principal place of business" and "principal residence" for the purpose of the definition of an insured's "home state", and provided that, if the insured's principal place of business or principal residence is located outside the United States, then the insured's home state is the state to which the greatest percentage of the insured's taxable premium for that insurance contract is allocated. NIMA further stated that when the group policyholder pays 100% of the premium from its own funds, the term "home state" means the home state of the group policyholder. When the group policyholder does not pay 100% of the premium from its own funds, the term "home state" means the home state of the group member.

If a return of premium policy is viewed as an investment, rates of return are calculated based on the incremental cost above the cost of regular term insurance. A sampling of policies found returns in the range of 2.5 to 9 percent. Critics point to the rate of return being less than in a typical investment, obviously before the insured's death, the extra cost of the policy compared to basic term life insurance policies and that, if the policy is canceled at any time, no money is refunded. Many term life policies do allow prorated refunds at some point during the life of the policy, during the insured's lifetime, although such refund is usually "short rated", that is, it is significantly less than the imputed value of the refund if calculated using conventional tables, using the rate of return specified in the insurance contract.

Around 1578, Cardinal-King Henry established the Consulado, a tribunal explicitly dedicated to decide marine insurance cases (initially suppressed by the Iberian Union of 1580, the tribunal was resurrected by Philip II of Spain in 1593, with the modification that a private marine insurance contract had to have the signature of a royal official (comissário de seguros), to be valid in the law courts). This formed the framework for marine insurance in which the India Armadas operated. Later developments include the establishment of an insurance house (Casa de Seguros) as an organ of the Junta do Comércio Geral (Board of General Trade) by regent-prince Peter II of Portugal in 1668, subsequently replaced by the Mesa do Bem Comum do Comércio (Board of Common Trade Welfare) in 1720. Around 1750, the Marquis de Pombal persuaded the monarch to fold the older house into a new entity, the Real Junta do Comércio (Royal Board of Trade).

In this case, C. J. Dick was a resident of Texas, but was living in Mexico, where he was operating a tugboat for a Mexican company. The tugboat was lost in a fire, and Dick returned to Texas to file a lawsuit against two New York-based reinsurers of the Mexican corporation that owned the boat. Later analysts have questioned whether the true facts of the case were really before the courts as it reached various levels of appeal: Home Insurance Co. sought to dismiss the suit because Dick had waited more than a year to file the lawsuit, and a clause in the Home Insurance Co. insurance contract required that any action against it had to be brought within a year of the injury. Although this provision was valid under Mexican law, the Texas courts applied a Texas state law which deemed such clauses invalid unless they provided at least two years for the claimant to file a lawsuit.

It would be absurd to impose an obligation on the company for some who got the flu years after using the ball. Moreover, contracting the flu was not something in the plaintiff's control, and so this case should be distinguished from reward cases like Williams v Carwardine4 B & Ad 621 where someone positively does something to deserve a reward. Second, even if a contract existed, it should be void because of the Lottery Act,8 & 9 Vict. c. 109 which said "wagering contracts" (gambling contracts) were unlawful and void. This was a wager, gambling, like a lottery, as in a number of cases, such as Brogden v Marriott3 Bing NC 88 Rourke v Short5 EB 904 and Taylor v Smetten.11 QBD 207 Third, even if it were contract and not a wagering contract, it still would be void because it would be an insurance contract that failed to follow the prescribed form of stating people's names.s. 2 of 14 Geo. 3, c.

The conflict within the case involved the payment of a life insurance claim made by Riggs for the estate of Eber B. Roloson against Northwestern National Life Insurance Company which Northwestern refused to pay saying that the deceased had made false statements concerning his medical history. The state of Missouri had in place a series of legislative acts in the period of 1874 and 1889 that basically created a condition on any life insurance contract in which though medical history information may be inaccurate, if the inaccurate information had no bearing on the manner of the deceased's death then any claim must still be paid. If the inaccurate information did bear on the manner of the deceased's death or if there was a dispute concerning whether the information provided bore on the manner of the deceased's death then the matter was for a jury to decide whether the claim should be paid.

A higher duty is expected from parties to an insurance contract than from parties to most other contracts, in order to ensure the disclosure of all material facts so that the contract may accurately reflect the actual risk being undertaken. The principles underlying this rule were stated by Lord Mansfield in the leading and often-quoted case of Carter v Boehm (1766) 97 ER 1162, 1164, > Insurance is a contract of speculation... The special facts, upon which the > contingent chance is to be computed, lie most commonly in the knowledge of > the insured only: the under-writer trusts to his representation, and > proceeds upon confidence that he does not keep back any circumstances in his > knowledge, to mislead the under-writer into a belief that the circumstance > does not exist... Good faith forbids either party by concealing what he > privately knows, to draw the other into a bargain from his ignorance of that > fact, and his believing the contrary.See, generally, Parkington, ed., > MacGillivray and Parkington On Insurance Law, 8th ed.

McNally and Gray appealed to the United States Court of Appeals for the Sixth Circuit, arguing that Hunt's fraud, which they had been convicted of abetting, was not honest services fraud because he had no fiduciary duty to the people of Kentucky. The Sixth Circuit, noting Gray's fiduciary duty to the people of Kentucky as Secretary of Public Protection and Regulation, concluded that Hunt also had a fiduciary duty to the people of Kentucky as a de facto public official due to his substantial participation in governmental affairs and "de facto control" of the awarding of the insurance contract to Wombwell. The appellants also argued that their rights to due process of law were violated by the indictment, contending that it failed to allege that Hunt and Gray had a fiduciary duty to the citizens of Kentucky, a fact of which they necessarily had to be informed in order to understand the elements of the charges against them. The Sixth Circuit rejected this argument as well, stating that the indictment contained sufficient information for the defendants to be apprised of the charges, including the identification of the roles Hunt and Gray played in the conspiracy to defraud.