RESEARCH BACK UP

INTRODUCTION This unit will teach the definition of risk, the classification of risk, the definition of insurance, and the market insurance intermediaries. It is important that you grasp this concept before proceeding to the next unit.  What is Risk? Risk can simply be defined as the unlooked for, unwanted event in the future. Risk is the sugar and salt of life. Risk brings sweetness and bitterness to life. Life is full of risk and any individual, organization or state can be a victim any day. In everyday life, risk comprises the steady toll of fire, accident, theft, explosion and other similar events. The list is lengthy and costly in terms of money and in terms of human pain and suffering. Classification of Risk There are several different ways of looking at risk, but we adopt the classifications based on the nature of risk and its insurability. Pure Risks – These are risks that can result only in loss, such as a plane crash, physical loss or damage to goods by fire or theft or ...

 INTRODUCTION Most people and most organizations, in every kind of society need some sort of insurance cover. The only exceptions are people without property and dependents. Everyone else has possessions or potential liabilities that need to be protected. Insurance contract represents only one way in which people can guard against misfortune. For example, most primitive societies have developed systems of mutual aid or help so that if one member suffers a financial setback the others club together in order to repair the damage. Such mutual aid probably cannot work unless all members are exposed to roughly the same risks, and will be unfair if some members have a potential for greater and more frequent losses than others. Modern insurance represents a more equitable system. Insurance developed when primitive societies found themselves unable to support trade and manufacturing activities because of the significantly increased size and/or frequency of losses involved. Marine insurance...

INTRODUCTION Until recently, the term “assurance” was used when referring to the life sector of insurance. The terms “life insurance” and “life insured” are now commonly used. Life insurance or life assurance is a contract between the policy owner and the insurer, where the insurer agrees to pay a sum of money upon the occurrence of the insured's death. In return, the policy owner (or policy payor) agrees to pay a stipulated amount called a premium at regular intervals. As with most insurance polices, life assurance is a contract between the insurer and the policy owner (policyholder) whereby a benefit is paid to the designated beneficiary (or beneficiaries) if an insured event occurs which is covered by the policy. To be a life policy the insured event must be based upon life (or lives) of the people named in the policy. Insured events that may be covered include:  death,  diagnosis of a terminal illness  diagnosis of a critical illness  disability due to ill health...

 INTRODUCTION An insurance contract is an agreement between an insurance company and the individual effecting the insurance cover. Such an individual is referred to as the insured. An insurance contract falls under the general heading of simple contracts. Hence, it is a “legally binding agreement” made between two or more parties, by which rights are acquired by one or more to act or forbearances on the part of the other parties. Generally persons who effect insurance do it either because they are legally required to do so or they cannot accommodate the risks themselves or both. The Nature of Insurance Contracts Insurance contracts must satisfy the requirements of simple contracts. These requirements are considered below.  Offer and Acceptance An offer is a communication of the contract terms by one party to another. Acceptance refers to the letter’s agreement of those terms. In motor insurance contract, the offer is made by the proposer when he completes a proposa...

INTRODUCTION The practice of insurance is guided by six basic principles in addition to the basic contractual requirements discussed previously. These basic principles i.e. insurable interest, utmost good faith, proximate cause, indemnity, subrogation and contribution were established and later many of them have been upheld by the courts with the strength of the law behind them, these principles have now become the foundation stones of modern insurance practice . A person cannot gain an understanding of the practice of insurance without first understanding these basic principles or doctrines. Therefore, starting from this unit, we shall deal with the principles of insurable interest, utmost good faith, proximate cause, indemnity, subrogation and contribution. Insurable Interest The term “Insurable Interest” refers to financial or pecuniary involvement capable of being insured. Hence it eliminates emotional attachment to property. Therefore the owner of a motor car may wish to d...

 INTRODUCTION The principle of indemnity applies to all policies of insurance, except that of life and personal accident insurance on one’s own life or that of a spouse, unless it is excluded by express conditions in the contact. Indemnity and insurable interest are closely linked because the principle of indemnity means that the insured cannot recover any sum exceeding the extent of his or her insurable interest.  Definition of Indemnity Indemnity is a mechanism by which insurers provide financial compensation in an attempt to place the insured in the same financial position after the loss as he enjoyed immediately before it: or indemnity can be defined as effect financial compensation sufficient to place the insured in the same financial position after a loss as he enjoyed immediately before it occurred. The importance indemnity plays in insurance was emphasized in the case Castellain V. Preston (1883). The judge stated that, the very foundation in his opinion, of every rule...

TABLE OF CONTENT ADMINISTRATION OF COURTS SYSTEM  -  New! ANCILLIARY ORDERS  -  New! DEVELOPMENT OF THE COURT SYSTEM EVOLUTION OF THE NIGERIAN POLICE  -  New! IMPRISONMENTS’ INTENDED AND UNINTENDED EFFECTS  -  New! PURPOSES OF IMPRISONMENT  -  New! STATE COURTS IN NIGERIA ABUSE OF POWER AND CONSTRAINTS  -  New! APPELLATE COURTS IN NIGERIA Courts and justice Administration in Nigeria  -  New! INFERIOR COURTS IN NIGERIA NON CUSTODIAL SENTENCE  -  New! POWERS AND RESPONSIBILITIES OF THE POLICE  -  New! STRUCTURE OF THE NIGERIAN POLICE FORCE  -  New! Textbooks and References     • Children and Young Persons Law cap. 25, Laws of Lagos State. • Magistrate Courts Law cap. 127 Lagos State.  • Customary Courts Law cap. 34, Lagos State.  • Coroners Law cap. 31, Law of Lagos State.  • Constitution of Federal Republic of Nigeria 1999.  • Akande (2000); Introduction ...