Principle of Insurable Interest | lecture on insurance law | Principles of Insurance Contract - 09

Insurance is a contract between an individual or an organization and an insurance company that provides financial protection against unexpected events or losses. Insurance policies can cover a range of risks, including property damage, liability, health, and life. Insurance companies collect premiums from policyholders, which they use to pay out claims when a covered event occurs. Insurance law refers to the rules and regulations that govern insurance policies, contracts, and claims. Insurance law varies by country and state, but it typically includes provisions for policy language, consumer protection, and regulatory oversight. Insurance companies are usually required to follow specific guidelines when selling policies, settling claims, and managing their financial assets.