Economics 3366A/B Study Guide - Quiz Guide: Legal Personality, Making Money, Sun Life Financial
22 Sep 2020
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Insurance - dalby v india & london life assurance co (1854) 15 cb 365: nature of insurance contract and types of insurance. Purpose of insurance is to pass of risk to another party (generally insurers will take on this risk for a premium - so they are making money). Insurance allows parties to anticipate the risk and protect themselves to some extent. It is all about the balance of risk. Essentially, there are two types of insurance: (1) indemnity insurance - the insured is indemnified against loss, damage or destruction suffered, e. g. motor insurance, fire insurance, theft insurance, marine insurance, building and contents insurance, etc. The more risk, the more expensive it will be. (2) life assurance - the insured event, i. e. death, is certain to occur. However, the precise timing of the death is uncertain. With a couple of exceptions scots and english law on insurance are identical: The marine insurance act 1906 applies in both jurisdictions.
