Insurance Company Law Definition
Premiums are based on the probability of a particular event occurring and the average financial loss associated with each.
Insurance company law definition. Joint stock insurance company versicherungs aktiengesellschaft f insur. Or any receiver or similar official or any liquidating agent for such company in his capacity as such 15. In order to understand insurance law it is useful to understand insurance first. Mutual insurance company versicherungsverein m auf gegenseitigkeitinsur.
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. 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. Regulation of the content of insurance policies especially with regard to consumer policies. The term insurance describes any measure taken for protection against risks.
Insurance law is the practice of law surrounding insurance including insurance policies and claims. 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. It can be broadly broken into three categories regulation of the business of insurance. Therefore the protection against these risks or loss damage is insurance.
Title insurance company rechtstitelversicherung f law company health insurance funds betriebskrankenkasse f bkk med. 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. First the insurance company will hire lawyers to represent the insured in case she is sued for. Public health insurance company krankenkassa f österr insur.
Definition of insurance law. 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. Human life and its resources are always surrounded by risks. An insurance company operates by pooling risk among a large number of policy holders.
And regulation of claim handling. The process of addressing the danger and uncertainty that exists at every level of human life and livelihood is the process of insurance. A mutual insurance company provides insurance coverage to its members and policyholders at or near cost. An insurance company owned by its policyholders is a mutual insurance company.
Insurance law falls into three major categories.
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