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The Insurance Act 1973 (Cth) sets minimum capital and solvency requirements for companies wanting to enter or operate in the insurance market. [1]Chapter 7 of the Corporations Act 2001 (Cth) regulates the way in which insurers and insurance agents and brokers carry on business and how they deal with the people they do business with and intend to do business with.
[16] [17] [18] It is distinguished from an "invitation to treat", which is a request to others to make offers to engage in negotiations with a contract in mind. [19] Items displayed for sale are invitations to treat. [20] An offer is also distinguished from "mere puff". [9]
Australia's insurance market can be divided into roughly three components: life insurance, general insurance and health insurance.These markets are fairly distinct, with most larger insurers focusing on only one type, although in recent times several of these companies have broadened their scope into more general financial services, and have faced competition from banks and subsidiaries of ...
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.
Historically, health insurance in Nigeria could be applied to a few instances: free health care provided and financed for all citizens, health care provided by the government through a special health insurance scheme for government employees and private firms entering contracts with private health care providers. [6]
It is governed by a number of acts. The first statute in India to regulate the life insurance business was the Indian Life Assurance Companies Act, 1912. The Insurance Act of 1938 [6] was the first legislation governing all forms of insurance to provide strict state control over insurance business. Life insurance in India was completely ...
Industrial and General Insurance (IGI) is a Nigeria insurance company and is a major provider of insurance and risk management services in West Africa. It has subsidiaries, in Ghana , the Gambia , Rwanda and Uganda and a representative offices in London and Washington, DC .
It places no or very few restrictions of form on formation or adjustment of contracts; in case of non-performance (or over-performance) it offers a wide array of interim measures before the aggrieved party must resort to avoiding the contract (e.g. unilateral pro-rated price reduction (Art. 50); suspension of performance (art. 71); the ...