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Whole life insurance. Whole life insurance, or whole of life assurance (in the Commonwealth of Nations ), sometimes called "straight life" or "ordinary life", is a life insurance policy which is guaranteed to remain in force for the insured's entire lifetime, provided required premiums are paid, or to the maturity date. [ 1]
In insurance, the insurance policy is a contract (generally a standard form contract) between the insurer and the policyholder, which determines the claims which the insurer is legally required to pay. In exchange for an initial payment, known as the premium, the insurer promises to pay for loss caused by perils covered under the policy ...
In contract law, a severable contract is a contract that is composed of several separate contracts concluded between the same parties, such that failing ( breaching) one part of such a 'severable' contract does not breach the whole contract. Therefore, the other party must still honor the other subparts and cannot cancel the whole agreement. A ...
The doctrine of privity of contract is a common law principle which provides that a contract cannot confer rights or impose obligations upon anyone who is not a party to that contract. [ 1] It is related to, but distinct from, the doctrine of consideration, according to which a promise is legally enforceable only if valid consideration has been ...
In the fifteenth century, word policy for insurance contract became standardized. By the sixteenth century, insurance was common among Britain, France, and the Netherlands. The concept of insuring outside native countries emerged in the seventeenth century due to reduced trade or higher cost of local insurance.
Insurance regulatory law. Insurance regulatory law is the body of statutory law, administrative regulations and jurisprudence that governs and regulates the insurance industry and those engaged in the business of insurance. Insurance regulatory law is primarily enforced through regulations, rules and directives by state insurance departments as ...
Insurable interest refers to the right of property to be insured. [4] It may also mean the interest of a beneficiary of a life insurance policy to prove need for the proceeds, called the "insurable interest doctrine". [5] Insurable interest is no longer strictly an element of life insurance contracts under modern law.
Uberrima fides. Uberrima fides (sometimes seen in its genitive form uberrimae fidei) is a Latin phrase meaning " utmost good faith " (literally, "most abundant faith"). It is the name of a legal doctrine which governs insurance contracts. This means that all parties to an insurance contract must deal in good faith, making a full declaration of ...