Cover note
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The cover note is a temporary insurance contract that provides coverage while an insurance proposal is being considered. It specifies the rights and duties of the parties during its duration. Cover notes are typically printed forms that are filled out with details like the name, address, risk description, and duration of coverage. Insurance agents are usually authorized to issue cover notes, which may also be issued informally via letter. The cover note ends either when the insurer issues a policy or rejects the proposal, or upon expiration of the stated term, unless a policy has been issued. Both parties are bound by their legal duties under the temporary contract, such as the insured paying premiums and the insurer providing coverage for losses during the cover note period.
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This document discusses types of risks and risk management, as well as definitions and principles of insurance. It covers topics like pure and speculative risks, risk management objectives, methods of handling risks, functional and legal definitions of insurance, principles of insurance, classification of insurance, differences between insurance and assurance, functions and characteristics of insurance, life insurance definitions and features, and types of life insurance policies like term plans, endowment plans, and whole life policies.
bank_insurance_contract.pptx
The document discusses the key principles of a valid insurance contract. It states that an insurance contract requires elements like agreement, consideration, and legal capacity. It also outlines several special principles of insurance contracts, including insurable interest, utmost good faith, indemnity, subrogation, warranties, proximate cause, assignment, and return of premium. These principles govern issues like what can be insured, disclosure obligations, paying claims, recovery from third parties, important policy conditions, determining direct causes of loss, and returning premiums.
Principle of insurance ss 2 2 nd term
There are four main parties that make up the insurance market: buyers, sellers, intermediaries, and regulators. The buyers are individuals, businesses, organizations, and governments seeking insurance coverage. The sellers are insurance companies and reinsurance companies that provide insurance policies. Intermediaries such as agents and brokers facilitate business between buyers and sellers. Regulators like the Nigeria Insurance Association and Nigerian Council of Registered Insurance Brokers oversee the industry.
13033333-PPPT.pptx
THE HIDDEN POWER OF
UNIVERSAL LAWS
Contents
Introduction 2
Chapter - 1 3
The Law of Attraction 3
Chapter 2 4
Your Thoughts Control You 4
Chapter 3 5
Visualize Your Thoughts 5
Chapter 4 5
The Law of Vibration 5
Chapter 5 5
Chapter 6 5
Understanding Karma 5
Chapter 7 6
Chapter 8 7
The Law of Love 7
Chapter 9 7
The Law of Allowing 7
Chapter 10 7
Summary 7
Introduction
In life, there are universal laws that govern everything we do. These laws are so perfect that if you were to align yourself with them, you could have so much prosperity that it would be coming out of your ears. This is because God created the universe in the image and likeness of him. It is failure to follow the universal laws that causes one to fail. The laws that were created consisted of the following: ·
Law of Gratitude: The Law of Gratitude states that you must show gratitude for what you have. By having gratitude, you speed your growth and success faster than you normally would. This is because if you appreciate the things you have, even if they are small things, you are open to receiving more.
Law of Attraction: The Law of Attraction states that if you focus your attention on something long enough you will get it. It all starts in the mind. You think of something and when you think of it, you manifest that in your life. This could be a mental picture of a check or actual cash, but you think about it with an image.
Law of Karma: the Law of Karma states that if you go out and do something bad, it will come back to you with something bad. If you do well for others, good things happen to you. The principle here is to know you can create good or bad through your actions. There will always be an effect no matter what.
Law of Love: the Law of Love states that love is more than emotion or feeling; it is energy. It has substance and can be felt. Love is also considered acceptance of oneself or others. This means that no matter what you do in life if you do not approach or leave the situation out of love, it won't work.
Law of Allowing: The Law of Allowing states that for us to get what we want, we must be receptive to it. We can't merely say to the Universe that we want something if we don't allow ourselves to receive it. This will defeat our purpose for wanting it in the first place.
Law of Vibration: the Law of Vibration states that if you wish on something and use your thoughts to visualize it, you are halfway there to get it. To complete the cycle you must use the Law of Vibration to feel part of what you want. Do this and you'll have anything you want in life.
For everything to function properly there has to be structure. Without structure, our world, or universe, would be in utter chaos. Successful people understand universal laws and apply them daily. They may not acknowledge that to you, but they do follow the laws. There is a higher power and this higher power controls the universe and what we get out of it. People who know this, but wish to direct their own lives, follow
Llb sc u 1.2 guarantee contract
This document discusses contracts of guarantee under Indian law. It defines key parties in a contract of guarantee as the surety, principal debtor, and creditor. It outlines types of guarantees as specific or continuing. It explains rules around revocation of continuing guarantees, liability of the surety, discharge of the surety, consideration, and distinction between contracts of guarantee, indemnity and insurance. Key points covered are types of guarantees, rights and liabilities of parties, essential elements, and discharge or revocation of a guarantee.
Historical Development of Insurance im Ethiopia
This document provides an overview of Ethiopian insurance law. It defines insurance as a risk transfer mechanism established by a contract between an insurer and insured. Key points covered include:
- The main principles of insurance contracts including insurable interest, utmost good faith, proximate cause, indemnity, subrogation and contribution.
- The classification of insurance into long-term and general categories.
- Requirements for forming an insurance contract including the necessary parties, offer and acceptance process, and renewal terms.
- An overview of Ethiopian contract law principles like definition, formation, object, and required form as they relate to insurance agreements.
Indemnity_and_guarantee.pptx
This document provides information about contracts of indemnity and guarantee under business law. It defines a contract of indemnity as one where one party promises to save the other from loss caused by the promisor or a third party. A contract of guarantee involves three parties where a surety promises to fulfill the liability of a principal debtor in case of default. The key differences between the two contracts are that indemnity involves two parties and primary liability, while guarantee involves three parties and secondary liability of the surety. The document outlines the rights and obligations of parties under these contracts.
Basic parts of insurance policy 2
The document discusses different parts of an insurance policy, including:
- The insuring agreement, which outlines what risks the insurer will cover in exchange for premiums.
- Exclusions, which describe losses or causes that are not covered under the policy. Reading only the insuring agreement may lead one to believe they have coverage that is excluded.
- Conditions, which outline obligations of both the insurer and insured, such as how to file a claim, valuation of property, cancellation and renewal terms.
- Declarations page, which provides a summary of policy details including limits, costs, parties. It is important to check for errors.
The document emphasizes understanding what one's policy actually covers to
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Lecture slide chapter 2 insurance and risk management
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Cover note
- 1. Chapter 5: Section 5
- 2. :The purpose & Definition• Offer Time Acceptance Gap The purpose of the cover note is to give insurance • cover whilst the proposal is being considered and .until a policy is granted or refused The cover note is a temporary insurance contract, • determining the rights & duties of its parties and .taking place during its currency
- 3. :The form & Issuance • Usually, the cover note is printed in common• form and contains the main terms of the policy like )name, address, profession, risk description and the cover note duration( which are filled by .the insured person Normally, the insurer‘s agent is the one who is• entitled to issue the cover note. But it should be noted that issuing the cover note in a formal document is not necessary, it might be issued informally by sending a letter to the insured by the company head office
- 4. :The duration of the cover note • :The cover note comes to an end Acceptance of the insurer )represented by the .)issuance of the policy The cover note states in itself the time of its end, on the date of expiration it will cease to have any force UNLESS. the policy has been issued The insurer may reserve his right to put an end to the cover note before its expiration date, by intimating his rejection of the proposal formin writing to the .insured
- 5. :The effect of the cover note • The insured Is bound to perform his legal duties created by the contract, as to the payment of .premium stated in the cover note The insurer Is bound to give insurance coverage of any losses or injuries during the cover note .enforcement