General insurance Scope of Insurance

[Mataracy]

Since insurance concerns offers and acceptance between a prospective insured and an insurer, it is then a matter for the insurer yo decide whether or not to cover a particular peril or risk so long it falls within the ambits or antics of the classes if insurance such an insurer is authorized to underwrite.

However, due to the reforms and competitiveness in the insurance subsector or industry in recent times, there has been a rapid product development by insurers leading to provision of insurance covers that suit the demands of a insuring public. Hence, virtually every peril associated with property except those excluded or excepted by market agreement now insurable except:

i. Property belonging to a person who at the date of the contract is an enemy alien. An enemy alien is a citizen of a country that is at war with another country and who resides within the country his own country is at war with. During the Gulf War an American residing I. Iraq is an enemy alien and cannot insure his property in Iraq. But goods purchased from an enemy alien is insurable.

ii. Property for which the insurance is deemed to be against public policy e.g. a house meant for prostitutes (brothels) property stolen but goods purchased with the proceeds of a robbery is insurable.

 

[Mandy96]

Thank you so much for this, it is very informative. This are the things people who are interested in insurance should know because they should realize that these insurance companies too are business entity and one way or the other, all they do is try to make money too no matter how much they try to sound nice.

 

[btaliat]

I need to commend you for this. Insurance covers a whole lot of aspects under law. The equation I have from this post however is that if an enemy alien insure, let's say on health in a host country, can he benefit, led say if he falls sick in his home country?

 

[Mataracy]

I need to commend you for this. Insurance covers a whole lot of aspects under law. The equation I have from this post however is that if an enemy alien insure, let's say on health in a host country, can he benefit, led say if he falls sick in his home country?

My brother so far insurance notice that,that person is a terrorist or an enemy of that country they will never respond to him or her and beside they will not allowed him to destroy the good Will of their company. So that means all what the money or premiums he has paid can never be refund back to him.

 

[btaliat]

My brother so far insurance notice that,that person is a terrorist or an enemy of that country they will never respond to him or her and beside they will not allowed him to destroy the good Will of their company. So that means all what the money or premiums he has paid can never be refund back to him.

Thanks for the prompt reply but the reverse will be the case if it was later found out that he's not wanted nor a terrorist. He can still benefit from the insurance policy even when he's sick in his home town and not the host country? That's awesome if I may day about insurance company.

 

[Good luck]

Insurance policy has to do with two parties,the insurers and the company.both parties must have a mutual afraid understanding to be able to cope with each other to avoid some unnecessary circumstances that may spring up at the end of day. The scoop mentioned above are very essential in doing any form of insurance eg life health or even education insurance.

 

[Wisdom01]

Thanks for this enlightenment ,I think an insurance company is actually more concerned about insuring risks and covering it to protect against any form of risk that might happen ,this is actually part of the reason many go for it and buy a premium policy as regard the insurance company