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Re-Insurance and Double Insurance

Every insurer has a limit to the risk he can undertake. If a profitable proposal comes his way he mayinsure it even if the risk involved is beyond his capacity. Then, in order to safeguard his own interest, hemay insure the same risk, either wholly or partially, with other insurers, thereby spreading the risk. This iscalled -re-insurance. Re-insurance can be resorted to in all kinds of insurance and a contract of re-insurance is also a contract of indemnity. The re-insurers are liable to pay the amount to the original

insurer only if the latter has paid to the insured. Re-insurance is subject to all the conditions in the originalpolicy and the re-insurer is entitled to all the benefits, which the original insurer enjoys under the policy.

When the insured insures the same risk with two or more independent insurers, and the total sum insuredexceeds the value of the subject matter, the insured is, said to be over insured by double insurance. Bothdouble insurance and over-insurance are perfectly lawful, unless the policy otherwise provides. A manmay insure with as many insurers as he pleases and up to the full value of his interest with each one ofthem. If a loss occurs, he may claim payment from the insurers in such order as he thinks fit; but in nocase he shall be entitled to recover more than his loss, because a contract of insurance is a contract ofindemnity only.

Health insurance

Main articles:Health insuranceandDental insurance

Great Western Hospital,Swindon

Health insurance policies cover the cost of medical treatments. Dental insurance, like medicalinsurance, protects policyholders for dental costs. In most developed countries, all citizens

receive some health coverage from their governments, paid for by taxation. In most countries,health insurance is often part of an employer's benefits.

Other types

All-risk insurance is an insurance that covers a wide range of incidents and perils, except

those noted in the policy. All-risk insurance is different from peril-specific insurance thatcover losses from only those perils listed in the policy.

[32]Incar insurance,all-risk policy

includes also the damages caused by the own driver.

High-value horses may be insured under a bloodstock policy

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Title insuranceprovides a guarantee that title toreal propertyis vested in the purchaser

and/ormortgagee,free and clear ofliensor encumbrances. It is usually issued in

conjunction with a search of the public records performed at the time of areal estatetransaction.

Travel insuranceis an insurance cover taken by those who travel abroad, which covers

certain losses such as medical expenses, loss of personal belongings, travel delay, andpersonal liabilities.

Tuition insuranceinsures students against involuntary withdrawal from cost-intensive

educational institutions

Interest rate insuranceprotects the holder from adverse changes in interest rates, forinstance for those with a variable rate loan or mortgage

Divorce insuranceis a form of contractual liability insurance that pays the insured a cash

benefit if their marriage ends in divorce.

Insuranceis the equitable transfer of the risk of a loss, from one entity to another in exchangefor payment. It is a form ofrisk managementprimarily used tohedgeagainst the risk of a

contingent, uncertain loss.

An insurer, or insurance carrier, is a company selling the insurance; the insured, or policyholder,

is the person or entity buying the insurance policy. The amount ofmoneyto be charged for a

certain amount of insurance coverage is called the premium.Risk management,the practice ofappraisingand controlling risk, has evolved as a discrete field of study and practice.

The transaction involves the insured assuming a guaranteed and known relatively small loss in

the form of payment to the insurer in exchange for the insurer's promise to compensate

(indemnify)the insured in the case of a financial (personal) loss. The insured receives acontract,called theinsurance policy,which details the conditions and circumstances under which the

insured will be financially compensated.

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