Post date: 12/11/2013 - 09:36

Basically insurance is a contract between two parities one is called the insured and the other is the insurer. Certain elements in this contact must be present in order to make it legally binding and enforceable. It is, therefore, argued that the following should be the elements or principles of insurance while signing the contract.

Post date: 12/11/2013 - 08:15

Hall defines insurance as "contract in writing whereby one party called the insurer, agrees in consideration of either a single or a periodical payment called the premium, to indemnify another party called the insured, against loss or damage resulting to him on the happening of certain events or to pay him a sum on the happening of a specified events or events”.