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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.
The difference between indemnity and capital insurance must be taken to lie in the nature of the interest that is the object of the insurance: In indemnity insurance, the interest must of necessity be of a patrimonial nature; otherwise no financial loss or damage can be caused through its impairment.
In cases where there is an outstanding claim and the insurance company detects incorrect or wrongly provided information (known as non-disclosure), they would class it as a breach of the contract terms and may terminate the policy or increase the premium (depending on the seriousness of the non-disclosure).
If insurance carriers honestly determine replacement cost, it becomes a "win-win" for both for the carriers and the customers. However, when a replacement cost determination is made by the carrier (and, perhaps, its third party expert) that exceeds the actual cost of replacement, the customer is likely to be paying for more insurance than ...
The Restatements of the Law is one of the most respected and well-used sources of secondary authority, covering nearly every area of common law. While considered secondary authority (compare to primary authority), the authoritativeness of the Restatements of the Law is evidenced by their acceptance by courts throughout the United States.
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Insurance law is the practice of law surrounding insurance, including insurance policies and claims. It can be broadly broken into three categories - regulation of the business of insurance; regulation of the content of insurance policies, especially with regard to consumer policies; and regulation of claim handling wise.
The sudden resignation of a high-profile Intel board member came after differences with CEO Pat Gelsinger and other directors over what the director considered the U.S. company’s bloated ...