Insurance Company Law Definition
In the insurance contract the insured receives the risk of his life and property on behalf of others in return for a specified premium or salary.
Insurance company law definition. Regulation of the content of insurance policies especially with regard to consumer policies. In order to understand insurance law it is useful to understand insurance first. An insurance company operates by pooling risk among a large number of policy holders. 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. Public health insurance company krankenkassa f österr insur. The term insurance describes any measure taken for protection against risks. Joint stock insurance company versicherungs aktiengesellschaft f insur.
First the insurance company will hire lawyers to represent the insured in case she is sued for. Premiums are based on the probability of a particular event occurring and the average financial loss associated with each. Insurance is a contract represented by a policy in which an individual or entity receives financial protection or reimbursement against losses from an insurance company. And regulation of claim handling.
Mixed insurance company law and legal definition mixed insurance company is an insurance company which embodies the characteristics of both a mutual company and a stock company. Insurance is a contract in which one party the insured pays money called a premium and the other party promises to reimburse the first for certain types of losses illness property damage or death if they occur. An insurance company owned by its policyholders is a mutual insurance company. The term insurance company means a company which is organized as an insurance company whose primary and predominant business activity is the writing of insurance or the reinsuring of risks underwritten by insurance companies and which is subject to supervision by the insurance commissioner or a similar official or agency of a state or territory or the district of columbia.
Legal definition of insurance legal definition of insurance. Or any receiver or similar official or any liquidating agent for such company in his capacity as such 15. Human life and its resources are always surrounded by risks. Insurance law falls into three major categories.
Title insurance company rechtstitelversicherung f law company health insurance funds betriebskrankenkasse f bkk med. When insurance takes the form of a contract in an insurance policy it is subject to requirements in statutes administrative agency regulations and court decisions. Mutual insurance company versicherungsverein m auf gegenseitigkeitinsur. The process of addressing the danger and uncertainty that exists at every level of human life and livelihood is the process of insurance.
This is done by the company s actuarial staff using statistical techniques to analyse past claims.
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