Insurance Law

December 5, 2011 | posted in: Law Insights | by 1 Comment

Insurance law is the practice of law that surrounds insurance policies and claims. It broadly deals with regulating insurance businesses, the content of insurance policies and claim handling.

An insurance contract is written and signed by the insurance undertaker in return for the agreed consideration (premium) to pay the assured a sum of money or its equivalent when a specified event occurs. These events include fires, road accidents or even death.

In Kenya, a lot of people purchase insurance policies and never take time to look through all the paper work that comes with it. However it is very important to understand what you are buying or the kind of policy you already have.

Review all kinds of policies you think fit your preferences for the best deal and to avoid overpaying for a service you may not even need. Remember, expensive is not always quality.

When you purchase a policy, it is important that you look through all the slots carefully to ascertain the information you gave to the insurer and also to validate that it is the policy you took with the same conditions and payments. There are many cases where people find themselves with totally different policies than what they bought.

Insurance is very general and can be taken on a variety of items that are of value to us. However there are some types of insurance that are extremely necessary for anyone. They include;

  • Home insurance:

There are two distinct types of home insurance; buildings and content insurance. Though many people prefer to cover them as one, it is better to cover them separately because the best building insurer is not necessarily the best contents insurer.

  • Motor insurance:

This insurance policy protects against losses involving various automobiles. Motor/car insurance includes covering bodily injury, medical payments, property damage, collision and comprehensive coverage.

  • Life insurance:

This type of insurance is taken by one person to protect the rest of his/her family in case of death. Many times this policy is taken by the sole breadwinner of the family because the family would not be able to survive without his/her financial support. Many people still have not embraced this kind of insurance and see it as an unneeded expense.

  • Travel insurance:

This insurance covers any mishaps that may occur on the road. These include terrorism, medical attention while on safari, emergency evacuation or lost funds. All this is dependent on the company you take up the policy with.

  • Health insurance:

This is probably the most needed type of insurance for anyone. This is because anything can happen and most companies do not cover health for problems or conditions that occur before you take up the policy.

Determine the basics of what you are looking for, search through all the insurance providers and ensure you read the terms and conditions before committing yourself to any policy.



About the Author
One Response to Insurance Law
  1. I like the article. Very informative.

    I also love the website. It is very clean.

Leave a Reply