scholarly journals The Impact of Modernization of Insurance Contract Law on Non-Life Insurance Business

2007 ◽  
pp. 137-156
Author(s):  
Takuya Yoshizawa
Keyword(s):  
Life Insurance ◽  
Contract Law ◽  
Insurance Contract ◽  
Insurance Business ◽  
The Impact

scholarly journals Suggestions to modify Vietnam’s legal provisions on the insurable interest in life insurance

2019 ◽  
Vol 2 (3) ◽  
pp. 38-49
Author(s):  
Bach Thi Nha Nam
Keyword(s):  
Life Insurance ◽  
Insurance Contract ◽  
Business Law ◽  
Insurable Interest ◽  
Legal Provisions ◽  
Contract Performance ◽  
Insurance Business ◽  
Core Principle

The insurable interest in life insurance is a core principle for the parties to enter into an insurance contract. In case the policyholder does not have insurable interest to the insured, the life insurance contract will become invalid or the life insurance contract will terminate when the policyholder no longer has insurable interest in accordance with Vietnam Insurance Business Law. The practice of life insurance contract performance has raised many issues related to the insurable interest that Vietnam Insurance Business Law has not mentioned or are still lacking. Therefore, the legal provisions on insurable interest are covered with many shortcomings, and inconsistent with the practice of insurance business. On the basis of analysis of caselaw and insurance statutes in US jurisdiction, the author proposes to modify the legal provisions on the insurable interest stipulated in the Vietnam Insurance Business Law..

scholarly journals Aggravation of Risk and Precautionary Measures in Non-Life Insurance: A Tricky Scope for the Insurer?

2015 ◽  
Vol 8 (2) ◽  
pp. 1-45 ◽  
Author(s):  
Luik Olavi-Jüri ◽  
Ratnik Rainer ◽  
Braun Magnus
Keyword(s):  
Life Insurance ◽  
Contract Law ◽  
Insurance Contract ◽  
Baltic States ◽  
Insurance Law ◽  
Precautionary Measures ◽  
Optional Instrument ◽  
The One ◽  
The Baltic ◽  
European Insurance

Abstract Aggravation of risk and failure to take precautionary measures are focal issues in non-life insurance in terms of potential partial or full release of the insurer from the duty to perform. Not infrequently, it is difficult to draw a line between the aggravation of risk on the one hand, and non-compliance with precautionary measures on the other, since a particular action by a policyholder may present both situations. At the same time, the legal remedies available to the insurer regarding these two situations are different in scope. The aggravation of risk and non-compliance with precautionary measures are precisely the bases on which insurers actually reduce indemnity or refuse to compensate for damages. This article explores the differences between insurance laws in the Baltic states—specifically, the Estonian Law of Obligations Act, the Latvian Insurance Contract Law and Lithuanian rules contained in the Civil Code and Insurance Law. The article explores the differences between the Baltic states’ insurance laws and the Principles of European Insurance Contract Law (PEICL) with regard to a policyholder’s duty in relation to aggravation of risk and precautionary measures, as the rights and obligations of policyholders do change where the optional instrument is applied. The article also includes comparisons to German, Finnish and Russian insurance law.

scholarly journals WEWNĘTRZNY RYNEK UBEZPIECZEŃ A HARMONIZACJA KONTRAKTU UBEZPIECZENIOWEGO

2017 ◽  
Vol 4 (2) ◽  
pp. 41
Author(s):  
Zdzisław Brodecki ◽  
Katarzyna Malinowska
Keyword(s):  
Product Liability ◽  
Contract Law ◽  
Insurance Contract ◽  
Private Law ◽  
European Contract ◽  
Insurance Contracts ◽  
General Contract Law ◽  
European Insurance ◽  
The Impact ◽  
European Contract Law

Tendencies on Internal Insurance Market vis a vis Harmonization of European Insurance Contract LawSummaryIn the paper, the authors describe the main contemporary process which takes place w ithin the insurance contract law in Europe - viz the Euro-merge of private law, as well as the evolution of the insurance contract law during the last decades. The process o f the unification of European private law will also affect the insurance contract law. First of all the impact o f the development o f the ideas shaped in a form of general contract law drafted as the Restatement of the Principles of European Contract Law by the „Lando Group” is undeniable. These rules also applicable to some extent to insurance contracts show that the process of the unification o f insurance contract law cannot be stopped and that it will constantly develop. There can also be observed a process of a specific European com m on law being developed in Europe in different branches, such as product liability, consumer protection, etc. This already influences the harmonization o f the European insurance contract law, and the obstacles to harmonization, existing even ten years ago, have disappeared. The Restatement o f Insurance Contract Law being in preparation by the „Group of Innsbruck” will probably constitute a basis for a future codification o f the insurance contract law.

Assessing the Impact of Suicide Exclusion Periods on Life Insurance

Crisis ◽  
2010 ◽  
Vol 31 (4) ◽  
pp. 217-223 ◽  
Author(s):  
Paul Yip ◽  
David Pitt ◽  
Yan Wang ◽  
Xueyuan Wu ◽  
Ray Watson ◽  
...  
Keyword(s):  
Life Insurance ◽  
Accidental Death ◽  
Insurance Policy ◽  
Death Rates ◽  
Insurance Policies ◽  
Suicidal Death ◽  
Insured Individual ◽  
The Impact ◽  
Insurance Data ◽  
The Relationship

Background: We study the impact of suicide-exclusion periods, common in life insurance policies in Australia, on suicide and accidental death rates for life-insured individuals. If a life-insured individual dies by suicide during the period of suicide exclusion, commonly 13 months, the sum insured is not paid. Aims: We examine whether a suicide-exclusion period affects the timing of suicides. We also analyze whether accidental deaths are more prevalent during the suicide-exclusion period as life-insured individuals disguise their death by suicide. We assess the relationship between the insured sum and suicidal death rates. Methods: Crude and age-standardized rates of suicide, accidental death, and overall death, split by duration since the insured first bought their insurance policy, were computed. Results: There were significantly fewer suicides and no significant spike in the number of accidental deaths in the exclusion period for Australian life insurance data. More suicides, however, were detected for the first 2 years after the exclusion period. Higher insured sums are associated with higher rates of suicide. Conclusions: Adverse selection in Australian life insurance is exacerbated by including a suicide-exclusion period. Extension of the suicide-exclusion period to 3 years may prevent some “insurance-induced” suicides – a rationale for this conclusion is given.

Analysis of Distribution Channels of Life Insurance Business

2012 ◽  
Vol 3 (6) ◽  
pp. 1-2
Author(s):  
Aditya Nath Jha Aditya Nath Jha ◽  
Keyword(s):  
Life Insurance ◽  
Distribution Channels ◽  
Insurance Business

Effective Customer Support System of Life Insurance Companies

2014 ◽  
Vol 4 (2) ◽  
Author(s):  
Rajesh Srivastava ◽  
Dr. Preeti Sharma
Keyword(s):  
Life Insurance ◽  
Economies Of Scale ◽  
New Technologies ◽  
Insurance Industry ◽  
Integrated Approach ◽  
Customer Experience ◽  
Disruptive Innovation ◽  
Insurance Companies ◽  
Insurance Business ◽  
Strategic Imperative

Increased competition, new technologies and the shift in power from the provider to the customer have produced unrelenting pressure on life insurance business. The market forces point to one overwhelming strategic imperative: customer-focused strategy. Customers are willing to build long-term relationships based on trust and mutual respect with firms that provide a differentiated and personalized service offering. Over the past few years, life insurance industry responded to intensified competition and high customer attrition by entering each other’s markets to capture greater “wallet share” and ostensibly lower their economies of scale. The service delivery process is influenced by quality of personnel, information technology, internal processes, human resource practices, and even an institution’s own change orientation. Now a day’s customers are demanding seamless, multi-channel sales and service experiences. Simultaneously, other players are looking for opportunities to invade this space or to redefine it through disruptive innovation. The result is forcing life insurance companies to examine a more balanced, integrated approach to the customer experience and growth. This research, we analyze the need, preference and satisfaction of customers in life insurance business and provide perspective on how to improve the customer experience.

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