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In insurance, the insurance policy is a contract (generally a standard form contract) between the insurer and the policyholder, which determines the claims which the insurer is legally required to pay. In exchange for an initial payment, known as the premium, the insurer promises to pay for loss caused by perils covered under the policy language.
His judgment in Carter v Boehm was an application of his general principle to the making of a contract of insurance. It was based upon the inequality of information as between the proposer and the underwriter and the character of insurance as a contract upon a "speculation". He equated non-disclosure to fraud. He said at p 1909:
Life insurance (or life assurance, especially in the Commonwealth of Nations) is a contract between an insurance policy holder and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money upon the death of an insured person.
The insured receives a contract, called the insurance policy, which details the conditions and circumstances under which the insurer will compensate the insured, or their designated beneficiary or assignee. The amount of money charged by the insurer to the policyholder for the coverage set forth in the insurance policy is called the premium. If ...
A life insurance premium is the rate you pay for life insurance coverage. Life insurance premiums are determined using factors such as age, health, policy type and coverage limits.
Agreement between the parties must such that they have an intention to enter into contract having consensus ad idem i.e. meeting of mind should be there and it should be in the same sense while entering into contract. In Baltimore & Ohio R. Co. v. United States (1923) [8] the US Supreme Court said an implied in fact contract is, an agreement ...
These state agencies are typically called the Department of Insurance, or some similar name, and the head official is the Insurance Commissioner, or a similar titled officer. [10] The agency then creates a group of administrative regulations to govern insurance companies that are domiciled in, or do business in the state.
A with-profits policy (Commonwealth) or participating policy 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.