Insurance Law
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Just like any other business entity insurance companies also aim to earn profit. Demand for alternative dispute resolution (ADR) in insurance and reinsurance has risen over the last ten years. Mahmood Bin Jaber Advocates & Legal Consultants handles both types of disputes arising in this field.
Sri Sathya Sai Baba
Insurance is a contract between the insurer and the insured under which the insurer shall undertake to compensate the insured or the beneficiary for a damages or loss relating to a specific subject. Functions of insurance include providing protection and certainty, bearing risk collectively, and so on. When there is an agreement between an insurance company and an individual or entity, a contract is represented by a policy. In a policy, all clauses are stated about protection and reimbursement against losses that will be given by the insurance company.
Insurance policies have different types as well. There are a lot of policies that can meet what an individual or entity is looking for that will best suit their needs. Depending on the nature of the business, industries require various kinds of insurance policies that will meet their needs or what they require as a business. Each industry has risks that need to be covered or be prepared for and this is why insurance policies that will meet these are important to be reviewed first before being agreed on.
Just like any other business entity insurance companies also aim to earn profit. Demand for alternative dispute resolution (ADR) in insurance and reinsurance has risen over the last ten years. Mahmood Bin Jaber Advocates & Legal Consultants handles both types of disputes arising in this field.
According to the UAE law, any insurer engage in insurance business within UAE must be license by the Insurance Authority. In addition, insurance companies must ensure that the code and conduct and ethics imposed by the Authority are observed by all its employees and ensure the development of professional codes of company and its employees. At the same time, brokerage companies operating within UAE are prohibited dealing with unlicensed insurance companies or not registered with the Insurance Authority. Any insurance contracts entered into with any of the unlicensed or unregistered insurance companies will be null and void. The Insurance Authority continuously undertaking to secure market conduct concerning every aspect of the insurance business, the Authority is significantly focused on regulating and developing commission structures, disclosure obligations and protecting policyholders values.
The provisions of the Indian Contract Act, 1872 are applicable to the contracts of insurance, whether for life or non-life. Similarly, the provisions of the Companies Act, 1956 are applicable to the companies carrying on insurance business.
General insurance covers insurance policies relating to fire, burglary, theft, accident, motor vehicles, hospitalization and surgery, among others. In fact, the significance of general insurance has increased simply because it covers almost everything, including your health, home and car.
There are three main components of an insurance policy. These three essential things make up a policy and it should be understood to know that you are choosing the right policy for personal purposes or for your business entity.
This refers to the price of the policy. It is usually a monthly cost that shall be paid by an individual or an entity.
This refers amount that an insurance company will cover for a person or business. This limit can be annual, per injury, per loss, etc. When there is a higher limit that is set, there will be a higher price or premium that will be paid.
This refers certain amount that an individual or business pays before a claim is paid by an insurance company. Its purpose is to be a deterrent to a huge number of small claims. Depending on the type of policy or the insurance company itself, deductibles can apply in a varied manner.
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