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Abstraction principle 4,5; Posting rule 1; ... an indemnity is a contractual obligation of ... [30] The following are examples of indemnity requirements from a range ...
Military Claims 'Knock for knock' is also used in a specific, analogous sense, for example, the following, cited in the "Law at War", from the US Army website : In addition to handling these routine matters, the chief of the Claims Section participated in the negotiations with the Korean government concerning the payment of foreign claims generated by troops of the Army of the Republic of ...
Examples would include offering prizes to contestants who can make a half-court shot at a basketball game, or a hole-in-one at a golf tournament. Professional liability insurance , also called professional indemnity insurance (PI), protects insured professionals such as architectural corporations and medical practitioners against potential ...
The principle of insurable interest on life insurance is that a person or organization can obtain an insurance policy on the life of another person if the person or organization obtaining the insurance values the life of the insured more than the amount of the policy. In this way, insurance can compensate for loss.
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 insurer-insured relationship is contractual; the parties are parties to an arms-length agreement. The principle of uberrima fides does not affect the arms-length nature of the agreement, and cannot be used to find a general fiduciary relationship. The insurance contract, as noted above, imposes certain specific obligations on its parties.
In the context of indemnity insurance, examples of insurable interests include real rights; personal rights; legal liability; and; the factual expectation of damage. The purpose of the contract of indemnity insurance is to restore the insured to his position quo ante. Nothing more than patrimonial indemnity may be recovered, as is illustrated ...
An agent, as a general rule, is only entitled to indemnity from the principal if they have acted within the scope of their actual authority, and if they act outside of that authority they may be in breach of contract, and liable to a third party for breach of the implied warranty of authority. Express actual authority