The parties to a contract of insurance are the ‘Assured’ (or ‘Insured’) and the ‘Insurers’. 1. The assured (or insured) Any person who is capable of contracting may be the assured under a contract of insurance. Thus, a minor may enter into a contract of insurance if it is for his benefit; otherwise, the contract […]
A contract of insurance in the widest sense of the term may be defined as a contract whereby one person, called the ‘Insurer’, undertakes, in return for the ‘Assured’, a sum of , money, or its equivalent, on the happening of a specified event. The specified event must have some element of uncertainty about it, […]
In considering the nature of the contract of insurance it is necessary to distinguish between the subject-mater of the contract of insurance and the subject-matter of insurance. In all contracts of insurance the subject-matter must be adequately described. A. THE SUBJECT-MATTER OF THE CONTRACT OF INSURANCE The protection given by a contract of insurance is […]