The insurance is not only a protection but is a sort of investment because a certain sum is returnable to the insured at the death or the expiry of a period. Rhodes v. Equitable Life Assurance Soc., 109 Or 586, 592–593, 220 P 736 (1924). It provides economic support to an individual, businessman which helps to increase the self-respect of the person in the society. Understanding Plan Characteristics and Types. Insurance supports to the person to be independent. Insurance companies place certain kinds of cars in special risk categories. Such losses are compensated as per the terms of the insurance policy purchased. D.O. This chapter examines the legal environment of insurance contracts, including: fundamental legal principles, requirements to form an insurance contract, legal characteristics of insurance contracts, and insurance law as it Life insurance is a contract that offers financial compensation in case of death or disability. Introduction about insurance 1. Characteristics of Insurance Contracts. One reason insurance issues can be so confounding is that the healthcare market is constantly changing and the coverage plans offered by insurers are hard to categorize. Though all contracts share fundamental concepts and basic elements, insurance contracts typically possess a number of characteristics not widely found in other types of contractual agreements. Share yours for free! Self-discipline is the art of passing up a little short-term pleasure in exchange for long-term gain. Learn new and interesting things. Insurer is required to continuously monitor and keep all information about activities of insured. Nature 4. Insurance contracts are complex documents embodying years of industry tradition, case law, and general practices. may be part of the contract of insurance. They focus their time and energy on what has to get done, without procrastinating. View Fundamentals Of Risk And Insurance PPTs online, safely and virus-free! ADVERTISEMENTS: After reading this article you will learn about:- 1. INSURANCE is a practice or arrangement by which company or government agency provides a guarantee of compensation for specified loss, damage, illness or death in return for a payment of a premium. Basic Types 5. Meaning of Insurance 2. In an insurance contract, payment of premium is taken as a valid consideration. Definition of Insurance 3. In some sense, it’s a thing providing protection against a possible eventuality. In exchange an insurance company promises to compensate the insured in case of loss. Legal consideration. Personal Insurance Contract. Functions. The insurance involves a pre known amount to be born by the insured in the form of fixed premium as per the terms and conditions of insurance agreement (say Insurance Policy). You should ask your insurance agent before making a car purchase to The most common of these features are listed here: Aleatory. Need 6. The successful insurance agents are the ones who are disciplined enough to take action even when they don’t want to. General Insurance. Many are downloadable. Except for binders and contracts for temporary insurance covered by ORS 742.043 (discussed in §§1.1-3 to 1.1-3(c)), every contract of insurance is to be construed in accordance with the terms and conditions of the policy. Fire insurance contract is personal contract between insurer and insured. In every contract, there should be a legal consideration. Also, read: Digital Insurance: Insights on Digital Trends in Insurance Industry What is Life Insurance. The inclusion of insured is inevitable as he is involved with property. Some life insurance policies even offer financial compensation after retirement or a certain period of time. Get ideas for your own presentations. Characteristics of Fire Insurance. Ajit Kumar BBA Introduction 2. 5. 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