Insurance Law and the Law of Tort - Insurance Attorney { 2022 }

Insurance Law

Insurance act and the law of Tort: Underpinning the modern Tort Law system is the system of insure that provides payment of compensation in most tort cases. Indeed, it's usually not worth the trouble and expense of suing in tort unless the defendant is insured (or is very wealthy). It's possible to insure against liability in tort in relation to many different activities. 

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    For example, motorists are compelled by statute to insure against liability for injuries to third parties and passengers, manufacturers insure against damage caused by their products, and occupiers and employers take out insure policies to cover the Price of accidents. insure is also important in relation to sporting and educational activities, and clubs and schools are covered by insure policies. 

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    Many large public bodies carry insurance Law but some act as their own insurers, taking upon themselves the risk of paying damages if they're found liable. To some extent, insure can influence the way in which people behave. Thus, motorists are aware that their insure premiums will be higher if they're found negligent and may be encouraged to take fewer risks. However, some motorists have to pay higher premiums because they fall into a high-risk category. 

    Figures published in 1999 by the Office for National Statistics indicate that young men under the age of twenty-five years are 3 times more likely to die in a road accident than women of the same age group, and are much more likely to be involved in accidents than older motorists. To allow for this, young men pay higher premiums than other motorists within the field of health care, the Clinical Negligence Scheme for Trusts. 

    which provides insurance Law cover for medical negligence claims against NHS Trusts, offers lower premiums to Trusts which can demonstrate that they've sound risk management procedures. However, such incentives don't always have the desired effect and, in health care in the United State, the practice of defensive medicine is regarded as counter-productive to the provision of good services. Defensive medicine is practiced when doctors undertake procedures such as X-rays in order to avoid being sued rather than for clinical reasons.

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    There is, of course, a counter-argument concerning insure – that people who are aware that they are insured are likely to be less careful because they can be confident that their insurance Law company will compensate any victims of their wrongful activity. insure can also create problems of waste because it is impossible to predict when liability will arise and people may over-insure. It has also been claimed that in some cases insure motivates the law of tort.

    For example, in road accident cases, a judge may be more willing to find in favor of the claimant because he knows that there will be a source of compensation available to support him through insure. 

    He may find the defendant legally to blame though morally he should not be responsible (see Nettleship v Weston (1972)). Nevertheless, insurance Law is a useful way of spreading the cost of compensating people who suffer injury as a result of negligence. insure allows people to recover damages for negligent driving from close relatives, so easing the burden of caring within families.

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    Micro insure Agents are a special category of insure agents who support financial inclusion, i.e. the distribution of financial services at an affordable cost to the masses. Micro insure contracts are typically low sum assured contracts that provide for the sum assured to be paid either on death – both natural and accidental, or an Endowment (which also provides a sum assured on maturity in addition to death) or health insurance Law.

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    Only a Non-Governmental organization or a Self Help Group Micro Finance Institutions or Associations not formed for Profit are entitled to become Micro insure Agents. Such Agents can distribute the products of one life insurer or one general insurer or both. 

    A Micro insure agent shall employ Specified persons with the prior approval of the Insurer to distribute the micro insure products on its behalf. All the Micro insure agents and their Specified persons shall be imparted a 25-hour training by the insurer in local vernacular language in the areas of insure selling, policyholder servicing, and claims administration.

    A Micro insure agent can sell only a Micro insure product and not any other type of insure the product. However, an Agent who is licensed to sell all products of an insurer can sell the Micro insure products of such insurer, if any. An insure Broker who can sell any product of any insurer can sell Micro insure products of any insurer as well.

    All Micro insurance Law policies may be reckoned for the purpose of fulfillment of social obligations of an insurer pursuant to the provisions of the insure Act and Regulations. Where a micro insure policy is issued in a rural area and falls under the definition of the social sector, such policy may be reckoned for both under rural and social sector obligations as well.

    Role of an insure Agent

    An insure agent represents the insurer with whom he or she is attached. He solicits or procures insure businesses only for such insurers. The responsibilities of an insure agent broadly include the following:

    • Perform Need analysis for the customer – The agent is expected to sell the products of the insure company, which suit the needs of the customer. For this purpose, he has to analyze the needs of the customer, such as insure protection for the family, Asset protection needs, education needs or Children’s marriage, Health insurance, Pension, etc. Depending on the needs and the stage of the life cycle of the customer, the appropriate product of the insurer which suits the customer is recommended
    • Explain the product benefits, premiums, exclusions, and other terms & conditions so that the customer can take an informed decision
    • Assist the customer in getting the requisite documents for the purpose of seeking an insure Law cover and clarify the doubts of the customer in the proposal form filling process
    • Bring to the notice of the insurer any adverse habits of the client which will have a bearing on the insurer’s decision to accept a risk
    • Inform the customer about the decision of the insurer to issue a policy or otherwise.
    • Provide assistance to customers at various stages of policy servicing and when a claim is made.

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