Insurance Law
What is the number of the Law of Insurance Activity?
730
Who is an insurer?
A company that provides insurance coverage
Who is an actuary?
A specialist who calculates risk and premiums
What is sum insured?
Maximum amount insurer pays
What is an insurance policy?
Contract between insurer and policyholder
When was the Law of Insurance Activity adopted?
23rd Novermber , 2021
What are insurance intermediaries?
Insurance broker, reinsurance broker, and insurance agent
What does an insurance adjuster do?
Evaluates claims and determines compensation
What is insured risk?
Possible event causing loss
What does a policy include?
Terms, conditions, risks, and coverage
What does the Law of Insurance Activity regulate?
Insurance relations, market participants, and insurance operations
What does an insurance agent do?
Represents the insurer and sells insurance policies
What is the role of an insurance surveyor?
Inspects and assesses risk or damage before/after loss
What is the object of insurance?
Property, life, health, or financial interest
What determines whether a claim is accepted or rejected?
Policy terms and covered risks
Who are considered professional participants under insurance law? ( Mention at least 3 of them )
Insurers, intermediaries, adjusters, actuaries, surveyors, and assistants
What is the role of an insurance broker?
Represents clients and helps them find the best insurance
Difference between adjuster and surveyor?
Surveyor assesses risk/damage; adjuster decides claim amount
What is the difference between sum insured and actual loss?
Sum insured = max limit; actual loss = real damage
What happens if false information is given in a policy?
Claim can be rejected or contract canceled
Why is insurance law important in the insurance market?
It ensures regulation, protection of policyholders, and fair operations
Why might a client prefer a broker over an agent?
Broker is independent and works in client’s best interest
Why are actuaries important in insurance companies?
They use mathematics to ensure financial stability and pricing accuracy
Can a claim exceed the sum insured? Why?
No, because insurer’s liability is limited to sum insured
Why is disclosure important in insurance contracts?
It ensures correct risk evaluation and fairness