Research Handbook on International Insurance Law and Regulation
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Research Handbook on International Insurance Law and Regulation

  • Research Handbooks in Financial Law series

Edited by Julian Burling and Kevin Lazarus

Given its economic importance, insurance is a field that has been underserved as an area of academic study. This detailed book provides much needed coverage of insurance law and regulation in its international context.
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Chapter 3: Definition: Different Common Law and Civil Law Approaches to the Definition of Insurance

Kyriaki Noussia

Extract

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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