Qu X v. Weihai Central Branch of China Continent Property & Casualty Insurance Co., Ltd., Shidao Branch of China Continent Property & Casualty Insurance Co., Ltd. (Dispute over Marine Insurance Contracts): The Liability of Insurance Compensation and the Determination of the Amount and Interest of Insurance Compensation

This chapter deals with insurance and the principles of insurance law. Contracts of insurance may be subdivided into two categories: indemnity insurance and contingency insurance. Under a contract of insurance, the event insured against is interpreted to be uncertain, either in the sense that it may or may not occur, or that the time of the occurrence is uncertain. This chapter first explains how insurance works, with a particular focus on insurable interest, the statutes that govern insurance contracts, and the power of the Financial Conduct Authority to authorise persons wishing to conduct business as insurers. It then considers how an insurance contract is formed and goes on to describe the content and interpretation of the contract. It also discusses the liability and rights of the insurer before concluding with an analysis of marine insurance and insurance claims.

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Part III Transfers in Particular Contexts, 17 Transfer of Insurance Contracts

10.1093/law/9780198748434.003.0017 ◽

2018 ◽

Author(s):

Smith Marcus ◽

Leslie Nico

Keyword(s):

Life Insurance ◽

The Other ◽

Marine Insurance ◽

Insurance Contracts ◽

Two Factors ◽

The Law

This chapter studies insurance contracts. A contract of insurance is one whereby one party (the insurer) promises in return for a money consideration (the premium) to pay to the other party (the assured) a sum of money or provide him with some corresponding benefit, upon the occurrence of one or more specified events. Their assignability is complicated by two factors. First, there are a number of different rules whereby an assignment can be effected, in addition to the equitable and statutory (section 136 of the Law of Property Act 1925) methods. Second, when considering the assignment of insurance contacts, it is important to be clear about what it is that is being assigned. The chapter then considers the transferability of the assured's right under four types of insurance: indemnity insurance; life insurance; marine insurance; and reinsurance.

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