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Executing Agreements Insurance

Welcome to this 2014 summer edition of Risk Matters, your guide to the latest topics on national and international insurance markets. In this issue, we look at some decidedly sensitive topics, as brokerage conflicts make headlines and whistleblowers… For example, if you are injured in a traffic accident caused by careless driving by another party, you will be compensated by your insurer. However, your insurance can also sue the reckless driver to get that money back. Principle of waiver and Estoppel. A waiver is a voluntary transfer of a known right. Estoppel prevents a person from asserting these rights because he or she has acted in a way that denied any interest in safeguarding those rights. Suppose you don`t divy certain information from the insurance application form. Your insurer does not request this information and issues the insurance policy.

It`s a renunciation. In the future, if a right arises, your insurer will not be able to challenge the contract on the basis of non-disclosure. It`s estoppel. That`s why your insurer has to pay the debt. All insurance contracts are based on the concept of uberrima fides, or the doctrine of extreme good faith. This doctrine emphasizes the existence of reciprocal beliefs between the insured and the insurer. To simplify, when applying for insurance, it becomes your obligation to pass on your relevant facts and information to the insurer in complete truth. Similarly, the insurer cannot hide any information about the insurance coverage that is sold. There are a few additional factors in your insurance policy that create situations in which the total value of an insured asset is not paid.

Almost all of us have insurance. When your insurer gives you the insurance document, you usually look at the words in the policy and stack them with the other pile of financial papers on your desk, right? If you spend thousands of dollars on insurance every year, don`t you think you should know everything about it? Your insurance advisor is always there to help you understand the tricky terms in insurance forms, but you also need to know for yourself what your policy says. In this article, we allow you to easily read your insurance policy so that you understand their basic principles and how they are used in everyday life. At different stages of the COVID 19 pandemic, we took into account the impact on the reinsurance market. Finally (see our Law-Now) we looked at the likely effects of the “second wave”, a concern that unfortunately ejected from the realm of speculation… When applying for insurance, you will find a wide range of insurance products on the market. If you have an insurance advisor, he or she can shop and make sure you have appropriate insurance coverage for your money. Nevertheless, a little understanding of insurance contracts can provide a long way to ensure that your advisor`s recommendations are on track.