Last edited by Shaktizahn
Sunday, July 19, 2020 | History

5 edition of Interpretation of insurance contracts found in the catalog.

Interpretation of insurance contracts

Jeffrey W. Stempel

Interpretation of insurance contracts

law and strategy for insurers and policyholders

by Jeffrey W. Stempel

  • 241 Want to read
  • 40 Currently reading

Published by Little, Brown in Boston .
Written in English

    Places:
  • United States.,
  • United States
    • Subjects:
    • Insurance policies -- United States.,
    • Insurance policies -- United States -- Interpretation and construction.

    • Edition Notes

      StatementJeffrey W. Stempel.
      Classifications
      LC ClassificationsKF1164 .S74 1994
      The Physical Object
      Paginationxxix, 989 p. ;
      Number of Pages989
      ID Numbers
      Open LibraryOL1447054M
      ISBN 100316812625
      LC Control Number93086406
      OCLC/WorldCa30587808

      Insurance - Insurance - Historical development of insurance: Insurance in some form is as old as historical society. So-called bottomry contracts were known to merchants of Babylon as early as – bce. Bottomry was also practiced by the Hindus in bce and was well understood in ancient Greece as early as the 4th century bce. Under a bottomry contract, loans were granted to . (insurance and service risk) and the responsibility for health care delivery in a particular geographic area to HMO members, usually in return for a fixed, prepaid fee. Financial risk may be shared with the providers participating in the HMO. ♦ Group Model HMO - An HMO that contracts .

        The elements of an insurance contract are the standard conditions that must be satisfied or agreed upon by both parties of the contract. In terms of Insurance, these are the fundamental conditions of the insurance contract that bind both parties, validate the policy, and makes it .   Insurance contracts are construed using the same principles that apply to commercial contracts. Special conditions added to a standard form contract are .

      Remember that the entire purpose as to why you would want to make and utilize an insurance contract is to point out everything regarding the details of the insurance. This means that the document must be able to outline everything from the type of insurance that’s wanted by the client to the terms and conditions that need to be met before. Insurance Contract The insurance contract is a legal document that spells out the coverage, features, conditions and limitations of an insurance policy. It is critical that you read the contract and ask questions if you don't understand the coverage. You don't want to pay for the insurance and then find out that what you thought was.


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Interpretation of insurance contracts by Jeffrey W. Stempel Download PDF EPUB FB2

In the main, however, the focus of the book is insurance contract doctrine, particular contractual questions affecting insurance, and current or vexing problems regarding the interpretation of insurance policies.

This book is devoted to the interpretative questions surrounding insurance policies. These questions are usually presented most Cited by: 1. Interpretation of Insurance Contracts is a first-rate text that should be on the shelves of all of those who care to wade into insurance litigation waters.

The book is more than a manual or handbook on black letter law. Practical practice pointers set forth throughout the book aid readers in integrating insurance contract law with the real. The plain meaning of a policy term can be the product of insurer practices that exploit policyholders who do not read or otherwise adequately understand the contract.

Departing from the plain meaning of a term, therefore, yields interpretations that can provide the amount of coverage that would be expected by policyholders if they were well Author: Mark A.

Geistfeld. plain meaning of the contract language10—that is, the ordinary meaning a lay person would use When the insurance provisions are unambiguous, the court will go no further; it must interpret the language according to the plain and ordinary meaning But when contract language is ambiguous or unclear, then a different analysis is required.

from book Theory and Practice of Insurance (pp) meaning of that ter m, Concerning the premium of this insurance contract, we show that when the premium is defined inadequate, e.g. Least Expensive Alternative Treatment (LEAT): A clause in an insurance policy that indicates that the insurer will only cover the least expensive option for.

An insurance contract is a legal agreement that spells out the responsibilities of both the insurance company and the insured, as well as the specific conditions of coverage and the policy term and cost.

Standard features of an insurance contract include the offer and the acceptance, consideration, legal capacity and purpose, and indemnification. 3 Listed below are principles of contract interpretation that are specific to certain substantive areas of contracts.

These principles are based solely upon the limited case law that was reviewed in connection with compiling this guide and this guide does not purport to include a complete set of all such types of contract-interpretation principles.

may be part of the contract of insurance. Rhodes v. Equitable Life Assurance Soc., Or–, P (). Except for binders and contracts for temporary insurance covered by ORS (discussed in §§ to (c)), every contract of insurance is to be construed in accordance with the terms and conditions of the policy.

Insurance contracts are interpreted by judges and courts to implement only the objectively reasonable expectations of the insured. Any personal, or subjective, expectation of a policyholder which cannot be reasonably supported by the language of the contract is unenforceable.

General Insurance - Practices and Procedures – Focus Underwriting Application of Principles in General Insurance Contracts – Structure of the Policy – Insurance Documentation – Underwriting and Rating - Disclosure - Terms and Conditions.

General Insurance - Practices and Procedures –. The Court held that the principle did not apply to contracts of insurance. In doing so, the Court restated some of the factors which help to distinguish contracts of insurance from similar types of contracts.

They also made clear the reasons why contracts of insurance attract a unique set of principles of interpretation. - 6 - C- Coinsurance Coinsurance is a contractual provision that often appears in property insurance contracts, in particular, commercial property insurance contracts So, what is the meaning of Coinsurance.

A coinsurance clause in a property insurance contract encourages the insured to insure the property to a stated percentage of its insurable value. Most courts apply the general rules of contract interpretation to ascertain the intent of the parties to an insurance agreement.[3] Clear and unambiguous policy language must then be enforced as written.[4] Below are common guideposts for insurance contract interpretation.

The parties’ intent. If the insurance principle applied is that of strict interpretation of contract. The meaning of any term of the policy will be interpreted in the sense of basic, naturally, used by people with normal intelligence.

The nature of the insurance contract requires a strict interpretation of the terms. The. jurisdiction’s substantive laws should govern interpretation of the insurance contract.

Where more than one jurisdiction’s laws could potentially apply to the issues giving rise to the coverage dispute and a conflict exists between the jurisdictions’ laws, a choice. The IFRS Foundation's logo and the IFRS for SMEs ® logo, the IASB ® logo, the ‘Hexagon Device’, eIFRS ®, IAS ®, IASB ®, IFRIC ®, IFRS ®, IFRS for SMEs ®, IFRS Foundation ®, International Accounting Standards ®, International Financial Reporting Standards ®, NIIF ® and SIC ® are registered trade marks of the IFRS Foundation, further details of which are available from the IFRS.

Insurance policies are contracts of adhesion Situation in which insureds have no input in the design of a policy’s terms., meaning insureds have no input in the design of a policy’s terms.

Unlike contracts formulated by a process of bargaining, most insurance contracts are prepared by the insurer and then accepted or rejected by the buyer.

In an insurance contract a prospect makes an offer and an insurer accepts it. In an insurance contract an offer and acceptance is not a requirement. In an insurance contract no principles of contact are applicable. The consideration for the insurer under an insurance contract is a_____(premium/sum insured) 3.

The first law, applicable to contracts generally, is that where there is an ambiguity in a contract, the ambiguity is construed against the maker of the contract, which, in insurance, is the insurance company.

Thus, if the terms of a contract are not specific, then the terms are interpreted in a way that would most benefit the insured. Key Life Insurance – Life insurance policies covering the principal persons in the business, e.g., owners, administrators.

Life Insurance Assignment – A conditional assignment appointing a lender as the primary beneficiary of a death benefit to use as collateral for a loan. If the borrower is unable to pay, the lender can cash in the life.Insurance in South Africa describes a mechanism in that country for the reduction or minimisation of loss, owing to the constant exposure of people and assets to risks (be they natural or financial or personal).

The kinds of loss which arise if such risks eventuate may be either patrimonial or non-patrimonial. A general definition of insurance is supplied in the case of Lake v Reinsurance.Elements of Insurance Contracts are basically 2 types; (1) the elements of the general contract, and (2) the element of special contract relating to insurance.

For different kinds of an insurance policy; suitable and conditions are added which are called insurance contract clauses.