around circa 1725, the world started moving towards standardization. it first began with the french military who introduced uniforms for its soldiers made of a standard design and size🧵
#StandardizationOfInsuranceContract
insurance advertising material must be approved by insurance regulator before use; the content has to reasonably describe the benefits and exclusions must be fully disclosed
just like it's the onus of an insurer to prove a policy exclusion; so it's for her to prove a breach of condition which relieves her from liability for a loss
in 1906 britain codified its marine insurance common law into marine insurance act. this act became the foundation upon which many jurisdictions would base their marine insurance laws. some countries like india and nigeria adopted the entire mia into their laws
#InsuranceHistory
many of liability insurance claims are often, 'long tails'; they take longer to settle since they end up in lawsuits or arbitrations which take time to resolve
islamic doctrine view money purely as a medium of exchange and not as a commodity; hence, islam prohibits charge on use of money and so, view 'riba' [interest] as 'haram' [prohibited]
fire insurance policy has a promissory warranty requiring insured to disclose facts that occur and can increase the risk of fire during the insurance period
insurance policies are designed for unforeseeable events; dental and optical expenses are viewed as expenses that can be budgeted for
infact, health insurance covering maternity is also an anomaly
during an insolvency, the rights of a policyholder are transferred to a third party of whom they're liable; however, liability has to be established first before the rights can be transferred
claims of fires and burglaries which occur during a business's off-season are more likely to be investigated at length by insurer as opposed to those occuring during the peak season
marine insurance brokers undertake personal responsibility to the insurer to pay premiums; insured is immune from insurer's action for premiums. rule applies to marine insurance only
empirical studies suggest individuals who dislike or engage in difficult jobs are more prone to gambling; the pain of work saved by the winnings make gambling an attractive engagement