Treatment of Loss and the Insurance System
March 30, 2010 by Marc
Filed under Uncategorized
In order to understand the concept of insurance, one may think of it as a pooling resource to compensate for the possible loss one of the parties who contribute to that pool may suffer as a result of some contingent event. The resources consist of the premium which is paid to the insurer, the entity selling the insurance, by the insured, or the person or entity who owns or buys the policy or insurance. In order to determine how much premium a person or entity must pay the insurer and to determine and control the level of risk involved, an insurance company makes use of the practice of risk management.
Risks Involved with Insurance
Insurance can also be seen as a sharing of risk between the persons and entities who hold insurance policies and the insurance company. Thus, when one of the policyholders suffers a risk, the pool of resources which come from the premiums paid by the insured persons or entities is applied to indemnify the policyholder who suffered the loss. These forms of indemnity may include cash payments, repairs, replacement, and reinstatement.
The amount that an insurance company pays to indemnify another person or entity for loss of property is limited by the amount that is mentioned in the policy. However, the amount actually paid by the insurer will depend on proof of the amount lost by the insured.
Life Insurance
In the case in life insurance, it is different. There is no need for proof of loss. The insurance company pays the full amount of the policy as long as the insured person’s death is not caused by excluded conditions. In some cases, an insurance policy can include a double indemnity clause. Under this clause, an insurance company promises to pay double the amount on the policy should the insured die of an accidental death. An accidental death is defined as one which is neither caused by the intentional acts of another person or from disease and natural causes.
Because only 4.3 percent of all deaths in the United States have been found to be accidental, double indemnity clauses have been offered by insurance companies at cheap premiums and are marketed aggressively.
This article is not made for providing legal advice.
For additional information about insurance risks and losses, visit the website of Ned Kimmelman Attorney at Law. Assisting with insurance claims and lawsuits in Boca Raton, Florida.
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