Insurance Claims: a Comprehensive Guide - Part 102
File Name:Insurance Claims: a Comprehensive Guide - Part 102
Posted By:Barry Zalma
Published on 2018-08-02 by
ISBN-10:1718024290
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Book Summary
Every third party liability policy contains an |other insurance| clause that attempts to control disputes when there are two or more policies insuring the same risk. The term |other insurance| is used in a special sense in insurance contracts. It describes the situation where two or more policies of insurance cover the same risk in the name of, or for the benefit of, the same person. Difficulties arise when the two or more policies have other insurance clauses that conflict with each other.Before the insurance claims adjuster should begin a claims investigation, he or she must understand the nature of underwriting because it is how an insurance policy comes into existence. When used in contract law, the word condition refers to an event, the occurrence or non-concurrence of which alters the previously existing relations of the parties by creating or extinguishing a legal duty. A condition is different from a promise or warranty. When used in an insurance policy the condition imposes duties on the insured (the promisor) and gives a corresponding right to the insurer (the promisee). Breach of a condition gives the insurer legal justification for refusing to perform its obligations under the policy.
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