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What is the Nature of insurance contract?
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[QUOTE="Mataracy, post: 138930, member: 28733"] A contract is a legal agreement i.e. an agreement that is enforceable at law between two parties. Insurance can be defined as a contract between two parties whereby the one called insurer for a consideration (premium) promised to indemnify or compensate the other called the insured in event of the happening of the insured peril. A contract is an agreement enforceable at law made between two or more parties by which rights and obligations are created. The rights and obligations of the parties to an insurance agreement are determined largely by reference to the general laws which govern contracts. The agreement by which insurance is effected is a contract in which the insurer, in consideration of the payment of a specified sum sum by the insured, agrees to make good the losses suffered through the happening of a designated unfavourable contingency. Since insurance is a legally enforceable contract, each party to the contract- the insurer and the the insured must conduct themselves according to the terms and conditions guiding the contract. Failure by either party to observe the provisions of the contracts confer on the other part the right to seek legal redress for compensation. What is your take on this? [/QUOTE]
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What is the Nature of insurance contract?
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