The insurance market comprises the insurers, the buyers, and the intermediaries who mediate between the two parties and are rewarded for their efforts by the insurer. General principles of commercial law provides non law students with a succinct exposition of the general principles of commercial law. General principles of insurance contract law lexispsl. Dictated by social, political and economic values within and without the insurance industry. How insurance is transacted as a business and how the insurance market operates are also explained. Reinecke, van niekerk and nienaber south african insurance law 26. Professor department of commerce christ university, bengaluru 2.
Notes general principles of insurance law is an extract from the text of the title insurance in the series the law of south africa lawsa, volume 12, first reissue 2002, paragraphs 1664 preface. Accordingly, our fourth edition of principles of insurance law has been substantially revised and updated in order to offer the insurance law student and practitioner a broad perspective of both traditional insurance law concepts and cuttingedge legal issues affecting contemporary insurance law theory and practice. Law of banking, negotiable instruments and insurance prepared by fasil alemayehu and merhatbeb teklemedhn 3 this teaching material, which is prepared and presented in the form of a compilation, is organized in three parts based on the three areas of law it incorporates, i. The basic principle of insurance is to protect against loss. Similarly in general insurance, the property can be insured against any contingency i. The aim of the paper is to give the reader a guide to the law, regulation and practices in general insurance in australia. The syllabus will be based on english law and practice.
Insurable interest as a requirement for insurance contracts. Principles of insurance the main principles of insurance are as follows. General principles of insurance law is a student work extracted from the authoritative law of south africa volume 12. Basic principles one of the most fundamental principles in reinsurance indeed, what sets the reinsurance field apart from most other industries is the concept of utmost good faith also known as uberrimae fides. Citations 0 references 0 researchgate has not been able to resolve any citations for this publication. Insurable interest, the indemnity principle and an. Insurance law is the practice of law surrounding insurance, including insurance policies and claims. This edition constitutes an expanded rewrite rather than a mere update of the first edition. Insurance contracts are different in that they are based on facts which are within the knowledge of the insured, but of which insurers will not generally be aware. As we discussed before, insurance is actually a form of contract.
Pdf transparency in insurance law attaches to the rights and duties of the parties, the relationships between insurers, insurance. Law of banking, negotiable instruments and insurance. Understand how losses are measured insurance and apply its principles to problem situations. Principles of reinsurance chartered insurance institute. Doctrines and principles published six years after the widely acclaimed first edition,builds on the reputation of the first edition by offering a detailed examination of the developing law of insurance, combining exposition of the law with critical analysis. Law of insurance insurance is the purchase of protection. The book contains a wide selection of topics influenced by registration requirements of the independent regulatory board for auditors. A read is counted each time someone views a publication summary such as the title, abstract, and list of authors, clicks on a figure, or views or downloads the fulltext. The llb course in insurance law involves a fairly intensive and detailed study of the contractual aspects of insurance law. Christie and bradfield christies the law of contract in south africa 811. Here, we look at the origins of insurance and the central principles that make up any insurance contract.
Fundamental principles of insurance authorstream presentation. Over the past two decades, there have been a number of important developments in the areas of liability, property, and life and health insurance that have significantly changed insurance law. General principles of insurance law book, 2002 worldcat. The note also sets out the typical requirements for making a claim under the. We have indicated some further reading where appropriate.
Utmost good faith the insured is to disclose to the insurer all material facts regarding the subject matter of the insurance. The insured or assured, protects himself against a serious risk for example, burglary or fire by making a payment called a premium, and. The principle of indemnity in marine insurance contracts. Insurable interest the legal right to insure arising from the legitimate financial interest which a person has in a subject matter of insurance. General accident insurance co sa ltd, the validity of the concept as a requirement. Davis gordon and gets the south african law of insurance 9495. After completion, you should be able to briefly explain the concept insurance differentiate between indemnity and non indemnity insurance name and briefly discuss the essential elements of a contract of insurance. In the formative days of insurance law, things were quite different. The prescribed textbook for this course is as follows. List of legislations regulating the insurance sector in india 7. Designed for insurance professionals both with and without technical legal training, general principles of canadian insurance law explains how these principles operate and how courts have used them in major cases, and provides straightforward analysis and insight. Be the first to ask a question about general principles of insurance law lists with this book. Insurance as we know it has had an interesting development in south africa and many legal systems influenced.
Principles of insurance law ur scholarship repository. Chapter 2 general rules and principles of insurance law. Chapter 1 general principles of insurance 16 2011 edition typically does not contain an enforceable binder. According to this principle, the insurance contract must be signed by both parties i. Standard general insurance company25 the court referred with. Shah, landmark judgments on insurance 2004 topic 3. General principles provides a comprehensive guide to understanding the general principles of the law of contract in. These can be gained from a study of the cii unit p05 insurance law, or equivalent qualification. It consists of additional material, new subject matter, new approaches and also changes in authorship. Hence there are certain principles that are important to ensure the validity of the contract. Clark law school, for his extensive assistance in preparing this chapter. The text is enhanced by extensive citations to case law and.
This practice note addresses the main principles of insurance contract law under the law of england and wales. Reinecke et al general principles of insurance law 337. Let us say that you go to a shop to buy an electrical appliance. Principle of uberrimae fidei a latin phrase, or in simple english words, the principle of utmost good faith, is a very basic and first primary principle of insurance. The perspective of the general law of contract 117 2. General principles of insurance contract law practice notes.
Teachers manual for principles of insurance law, fourth edition. Louis van huyssteen, gerhard lubbe and machiel reinecke. Insurance pdf types of insurance, scope of insurance,classification hello friends welcome to. Accordingly, the fourth edition of principles of insurance law has been substantially rewritten, reformatted, and refocused in order to offer the insurance law student and practitioner a broad perspective of both traditional insurance law concepts and cuttingedge legal issues affecting contemporary insurance law theory and practice. Sabinet legal protection insurance in the context of. The law applies to insurance companies incorporated on shore that are licensed to perform the operation of cooperative insurance, takaful insurance, reinsurance and insurance in general. General principles of insurance law sa series, reinecke mfb. Learn vocabulary, terms, and more with flashcards, games, and other study tools. Principles of insurance 7 basic general insurance principles. As the insurer is at a disadvantage, the law imposes a duty of uberrima fides or utmost good faith. Jun 30, 2016 everybody who has an insurance policy needs to be aware of the general principles of insurance. Key principles and concepts in reinsurance, mealeys. General principles of insurance law paperback author.
Quote, unquote when we take a risk, we are betting on an outcome that will result from a decision we have made, though we do not know for certain what the outcome will be. The type of vehicle, the purpose of its use, its age model, cubic capacity and the fact that the driver has a consistently bad driving record. South african insurance law is a reduced but not necessarily an abridged version of lawsa. General claims procedures, ball john general principles of insurance law sa series, reinecke mfb general principles of insurance law 2002, reinecke mfb heave with special reference to insurance techniques of safe cracking, yeager wb history of the loss adjusting profession.
Principles of general insurance principles of insurance 58 b in motor insurance. Aug 18, 2015 offhand the set of general principles as covered, it is to be specially noted, are slated to undergo a paradigm shift. R 695 incl vat 697 pages soft cover having particular regard to the developments in consumer protection law and constitutional jurisprudence, the fifth edition of contract. Insurance pdf types of insurance, scope of insurance. On entering into a contract with an insurer, the client is holding the insurer liable responsible for hisher everyday risks. General principles of canadian insurance law, 2nd edition designed for insurance professionals both with and without technical legal training, general principles of canadian insurance law explains how these principles operate and how courts have used them in major cases, and provides straightforward analysis and insight. Doctrines and principles follows the widely acclaimed first and second editions. General principles of canadian insurance law, 2nd edition.
In addition, it is inconceivable that any lawyer who practices commercial law should not have a wellfounded knowledge of insurance law. Everybody who has an insurance policy needs to be aware of the general principles of insurance. Introduction to and history and sources of insurance law basis of insurance object of insurance. South african insurance law my academic lexis nexis. Liability insurance policies in south africa generally include the insurers contractual duty to indemnify the insured under the insurance contract, and the insurers contractual right to conduct the insureds defence against the thirdparty plaintiff, or to negotiate a settlement on behalf of the insured with the third party in the name of the insured. These principles are important to understand to ensure that your insurance policies are covered on the correct basis. Valued policies are considered to be contracts of indemnity in law and considering the above points, it can very well be said that valued policies are in fact modifications of the principle of indemnity and certainly not departures from the principle of indemnity. Page 10 chapter 2 general rules and principles of insurance law definition of insurance 2. Jhering sees roman rights as a whole in and of itself, as a phenomena of the history of rights, and as. This work contains a systematic and full exposition of the law of insurance in south africa, providing a comprehensive over view of insurance law for students of mercantile law. The insurance market in india hitherto consisted of the general insurance corporation of india gic and its four subsidiaries namely. South african insurance law, in a manner of speaking, is a clone, albeit a more compact one, of the recently published second edition of lawsa volume 12 parts 1 and 2 which is all of 931 pages long. Accordingly, our fourth edition of principles of insurance law has been substantially.
Insurance is, essentially, a contract by which one party gives a consideration, typically paid in money, in exchange for a promise from another party to make a return payment if a certain loss has occurred. Insurance, insurable interest, indemnity principle, insurance contract. Details subjects insurance law south africa related name. Corporate governance guidelines for insurance companies. It explains the concept of insurance and how it is used to cover risk. Introduction to insurance principles of insurance 22 2. The book is designed with the needs of undergraduate and postgraduate students in. Type of packing, mode of carriage, name of carrier, nature of goods, the route. Many insurance operations are not strict examples of pooling. The rule of insurable interest and the principle of indemnity. Reinecke et al general principles of insurance law 93. The nature and effect of insurance warranties 119 3. The fundamental principles of insurance are the following. A contract of insurance is based on the principle of utmost good faith to be observed by both the parties the insured and the insurance.
This text deals with the subject of insurance law chro. As a starting point, therefore, our insurance law is governed by romandutch insurance law. Browse the worlds largest ebookstore and start reading today on the web, tablet, phone, or ereader. African law through the adoption of english insurance law and the principles in. In the case of indemnity insurance the socalled indemnity principle, which takes effect as an implied or actual contractual term, stipulates that an insured must have suffered a loss in order to be able to recover under the policy. Article 8 the insurance operations, pursuant to this law, are life and nonlife insurance activities. General principles of insurance law edward richard hardy. Durban swisher, peter the insurable interest requirement for life insurance. You often take an umbrella to protect yourself against the heavy rain or sun.
Heave with special reference to insurance techniques of safe cracking, yeager wb. The importance of regulation in the work of the commission means that the part dealing with regulation is much longer than the others. Professor, department of mercantile law, university of south africa ba llb llm rau lld unisa. It provides a detailed examination of the developing law of insurance, combining exposition of the law with critical analysis. The six key principles how did insurance come into being. A contract of insurance must be made based on utmost good faith a contract of uberrimate fidei. It is now trite that in the seventeenth century, the law of holland was taken over in the cape as the common law of south africa.
The law replaced the previous enactment being federal law no. These general principles of the law of contract in south africa also hold good for contracts of. It is assumed that the candidate already has knowledge of the basic legal principles and how they apply to insurance. Are they measures of damages in property insurance. Insurance in south africa describes a mechanism in that country for the reduction or. The duty originated in the context of marine insurance law, when. Insurance contracts concluded in breach of the terms defined in paragraph 1 of this article are null and void. It seems then that in our law of indemnity insurance an insurable interest is an. Principles of insurance notes 55 principles of general insurance diploma in insurance services 5. Classification of warranties in insurance contracts 127 5. It can be broadly broken into three categories regulation of the business of insurance.
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