INSURANCE LAW

Business Law | 2023 Professor Darbali Sabrine

 TABLE OF CONTENT
1-Introduction of insurance law :definition,history,
(ANDALOUSSI Maryam)

2-Principles and Elements of an insurance contract(Sara

Ghalou&Aya Elmahfoudi)

3- Regulations of the insurance business (Dina Amer)

Presentation by team 1 | Business Law | 2023 | Mohamed V University

 DEFINITION

is a contract in which one party (the

INSURANCE
"insured") pays money (called a premium)
and the other party promises to reimburse
the first for certain types of losses

is the practice of law surrounding insurance

INSURANCE LAW
including insurance policies and claims.

Presentation by team 1 | Business Law | 2023 | Mohamed V University

 Insurance law

Regulation of Regulation of Regulation of

the business of the content of claim handling
insurance insurance wise.
policies

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 HISTORY

The history of insurance traces the

development of the modern business of
insurance against risks, especially
regarding cargo, property, death,
automobile accidents, and medical
treatment.
.

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 A CONTRACT'S
MAJOR ELEMENTS

Offer and Legal Legal

Consideration
acceptance capacity purpose

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 PRINCIPLES &
ELEMENTS SPECIFIC
TO AN INSURANCE
CONTRACT

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 PRINCIPLE OF
INDEMNITY

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 PRINCIPLE OF
INSURABLE INTEREST

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 PRINCIPLE OF
SUBROGATION

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 PRINCIPLE OF UTMOST
GOOD FAITH

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 PRINCIPLE OF
CONTRIBUTION

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 PRINCIPLE OF
PROXIMATE CAUSE

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 WARRANTIES

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 ASSIGNMENT AND
NOMINATION

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 RETURN OF PREMIUM

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 Regulations of the
insurance business

All the rules and laws that must followed by the insurance company in order to
conduct business.

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 OFFICE OF INSURANCE REGULATIONS .

Is to ensure that insurance companies are:

-Licensed to do business in a country/state.
-The insurance company needs to be financially viable.
-Operate within the law and regulations of the region of the insurance
industry.

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 UNAUTHORISED ENTITIES

the State's Reasons concerns:

Potential of Criminal activities within the insurance business.
Adverse economic impact on authorised insurers .
Potential for unpaid claims due to dishonesty.

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 Marketing Practices .

Agent responsibilities : Notice of Replacement.

Free look.

Buyer's Guide .

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 Marketing Practices .

Notice of Replacement: Replacement means any transaction in wich new life

insurance or a new annuity is purchased and, as a result, the existing, life insurance
or annuities will be replaced.

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 Marketing Practices .

Free look provision : Allows an insured a specified number of days from delivery
date of the policy to look over a new policy and returne it for a full refund .

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 Marketing Practices .

Buyer's guide : Provides basic information about the insurance policy .

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 Agent ethics

The insurance companies name on the fisrt page .

The agent's license number
the informations must be legible and a copy of the application must be
provided to the applicant

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 INSURANCE CERTIFICATE .
The insured must be provided by a insurance certificate as an evidence that they
have coverage .
The certificate must contain:
Group policy number.
Description of the insurance protection.
Names of insured and data.
Rights and conditions

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 THANK YOU

Business Law | 2023 Professor Darbali Sabrine\