Insurance Meaning By Law
Insurance company or the insurer agrees to compensate the loss or damage sustained to another party i e.
Insurance meaning by law. The insured by paying a definite amount in exchange for an adequate consideration called as premium. Building code and zoning law changes don t usually apply to existing buildings. Insurance is a contract in which one party the insured pays money called a premium and the other party promises to reimburse the first for certain types of losses illness property damage or death if they occur. Some forms of insurance are required by law while others are optional.
Insurance law and legal definition. Insurance refers to a contractual arrangement in which one party i e. Insurance is a contract called an insurance policy in which the insurer agrees to pay the insured party all or a portion of any loss suffered by accident or death for a fee called an insurance premium. However if you suffer loss or damage to your dwelling you may have to rebuild to current standards.
A contract whereby for specified consideration one party undertakes to compensate the other for a loss relating to a particular subject as a result of the occurrence. These endorsements are usually optional for the policyholder. Means the greater of i 5 000 000 or ii 10 of the appraisal value of the applicable individual mortgaged property based upon the then most current appraisal which had been obtained by lender of said individual mortgaged property which appraisal value as of the date of this agreement for each of the individual mortgaged properties is listed on exhibit g. Placement of insurance means the initial purchase of an insurance product or the renewal of an existing product unless the insurer independently generates and processes the renewal without the agent s participation or involvement placement of insurance does not mean the servicing or modification of an existing contract that does not involve the public entity evaluating options for the.
A by law endorsement is an insurance endorsement that covers expenses added onto a claim due to certain by laws of an area. A clause in an insurance policy that indicates that the insurer will only cover the least expensive option for treatment repair or remediation. This coverage provides protection for new by laws that would increase the cost of rebuilding or repairing your dwelling following an insured loss. Agreeing to the terms of an insurance policy creates a contract between the insured and the insurer.
In exchange for payments from the insured called premiums the insurer agrees to pay the policy holder a sum of money upon the occurrence of a specific event. The by law regulations could be town city state or federally regulated. Definition of insurance law. Least expensive alternative treatment leat.
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