Research Handbooks in Financial Law series
Edited by Julian Burling and Kevin Lazarus
Chapter 3: Definition: Different Common Law and Civil Law Approaches to the Definition of Insurance
JOBNAME: Lazarus PAGE: 1 SESS: 4 OUTPUT: Wed Dec 21 15:05:32 2011 3 Deﬁnition: different common law and civil law approaches to the deﬁnition of insurance Kyriaki Noussia 1. INTRODUCTION The normal activities of daily life can sometimes carry the risk of enormous ﬁnancial loss. Thus, many persons are willing to pay an amount for protection against these risks. The term ‘insurance’ describes any such measure taken for protection against risks. When insurance takes the form of a contract in an insurance policy, it is subject to requirements in legal statutes, regulations, and court decisions. This chapter discusses the legal and regulatory deﬁnition of insurance in various, representative, common law and civil law jurisdictions. At certain points special emphasis is given to the position under English and US law, as these represent two of the most signiﬁcant and developed jurisdictions in the area of insurance law. In effect, we comparatively survey the way insurance is deﬁned in insurance law and regulation, with a consideration of the legal and regulatory signiﬁcance of having such a deﬁnition. A comparative discussion also offers the perfect opportunity to take a thorough look at the issue outside the law of any one particular jurisdiction and allows general practical implications to be identiﬁed and discussed as well as relevant conclusions to be drawn. 1.1 Deﬁnition and Brief Historical Overview Modern insurance contracts come in many different forms providing cover against almost every eventuality that can...
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