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Subject to the "fortuity principle", the event must be uncertain. The uncertainty can be either as to when the event will happen (e.g. in a life insurance policy, the time of the insured's death is uncertain) or as to if it will happen at all (e.g. in a fire insurance policy, whether or not a fire will occur at all). [4]
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.
Insurance regulatory law is the body of statutory law, administrative regulations and jurisprudence that governs and regulates the insurance industry and those engaged in the business of insurance. Insurance regulatory law is primarily enforced through regulations, rules and directives by state insurance departments as authorized and directed ...
For this reason, many social philosophers have considered coercion as the polar opposite to freedom. [10] Various forms of coercion are distinguished: first on the basis of the kind of injury threatened, second according to its aims and scope , and finally according to its effects , from which its legal, social, and ethical implications mostly ...
The impact is thus an immediate hit to solvency and profitability when a policy is written, followed by surpluses in later years that pay this back. New Business Strain is artificial in that it is a function of how a regulatory body, for example, might look at a life insurer's financial position.
An insurance broker typically doesn’t know all the policy details for every policy type and insurance company. There could be policy exclusions, terms and conditions they may not be aware of ...
The insurance company aims to distribute part of its profit to the with-profits policy holders in the form of a bonus (Commonwealth) or dividend (USA) attached to their policy (see the bonus section). The bonus rate is decided after considering a variety of factors such as the return on the underlying assets, the level of bonuses declared in ...
Compellence is a form of coercion that attempts to get an actor (such as a state) to change its behavior through threats to use force or the actual use of limited force. [1] [2] [3] Compellence can be more clearly described as "a political-diplomatic strategy that aims to influence an adversary's will or incentive structure.