- Contracts and insurance
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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