LAW 11001 Lecture Notes - Lecture 11: Insurable Interest, Contract Clause, Life Insurance

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To provide the candidate with a broad understanding of the following concepts pertaining to the. Insurance is an important part of modern life. Individuals and businesses take out insurance to protect themselves from loss that may occur due to damage to property or loss of life. Insurance: a contract whereby a person undertakes to pay a premium so as to be paid a sum of money upon the occurrence of the event insured against. Insured: the person who takes out a cover and promises to pay a money consideration. Insurer: the party that undertakes to pay out compensation if the event insured against occurs. Insurable interest: the interest a person has in the subject matter which he stands to loose in the event of its loss or destruction. Indemnity: is a contract whereby the insured takes out a policy on the understanding that when loss occurs he will be indemnified for loss.

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