ANALYSIS OF THE BASIC PRINCIPLES OF INSURANCE UNDER THE NIGERIAN LAW OF INSURANCE


ABSTRACT

Every human being is faced with the possibility that one or more of the hazards which form part of life will sooner or later befall him and which may cause him pecuniary loss. This misfortune is uncertain as to time or period it will occur and this among others include: fire outbreak, accident or even death. It could be seen that all those are beyond human control as their occurrence cannot be controlled by the individual. For example, the family bread winner knows it is beyond his control to prevent death from coming his way. This therefore necessitates the need to take out insurance policy which suites every occasion. Very few persons really take the trouble to read through their insurance policies in order to ascertain and note the terms and conditions of the insurance well in advance of a claim. Of the few who bother to read through the policies, only a small proportion of them actually understand them. The result is that when a claim arises and it is found that the particular loss is not covered by the terms of insurance contract, there is always the tendency to blame it all on the insurance company. There might, of course, be some ‘black sheep’ amongst the insurers, but a lot of this unpleasantness is due to a lack of understanding of the terms of insurance contracts generally. The essence of this study therefore is to eliminate or at least to minimize such misunderstandings by stating the ‘rules of the game’ not only for the parties to the transactions but for those who may in the future decide to take an insurance policy.

TAB LE OF CONTENTS

ABSTRACT

TABLE OF CASES

TABLE OF STATUTES

INTERVIEWS AND PERSONAL COMMUNICATION

LIST OF ABBREVIATIONS

CHAPTER 1

GENERAL INTRODUCTION

1.0.0 INTRODUCTION

1.1.0 BACKGROUND TO THE STUDY

1.2.0 AIMS AND OBJECTIVES OF STUDY

1.3.0 FOCUS OF STUDY

1.4.0 SCOPE OF STUDY

1.5.0 METHODOLOGY

1.6.0 LITERATURE REVIEW

1.7.0 DEFINITION OF TERMS (IF ANY)

1.8.0 CONCLUSION

CHAPTER 2

NATURE AND DEFINITION OF INSURANCE

2.0.0 INTRODUCTION

2.1.0 DEFINITION OF INSURANCES

2.2.0 HISTORICAL FRAMEWORK OF INSURANCES

2.3.0 NATURE OF INSURANCE CONTRACT

2.4.0 STATUTORY REGULATION OF INSURANCE LAW

2.5.0 CONCLUSION

CHAPTER 3

THE BASIC PRINCIPLES OF INSURANCE UNDER THE NIGERIAN LAW OF
INSURANCE

3.0.0 INTRODUCTION

3.1.0 INSURABLE INTEREST

3.1.1 DEFINITION OF INSURABLE INTEREST

3.1.2 NATURE OF INSURABLE INTEREST

3.1.3 NECESSITY OF INSURABLE INTEREST

3.1.4 EFFECT OF LACK OF INSURABLE INTEREST

3.1.5 TIME FOR INSURABLE INTEREST

3.1.6 INSURABLE INTEREST AS A MEASURE OF RECOVERY

3.2.0 UTMOST GOOD FAITH

3.2.1 MATERIAL FACTS

3.2.2 EXCEPTIONS TO THE PRINCIPLE OF UTMOST GOOD FAITH

3.2.3 DISCLOSURE TO AGENT OF INSURER

3.2.4 DISCLOSURE AND PROPOSAL FORM

3.2.5 DURATION OF DISCLOSURE

3.3.0 ‘NO PREMIUM, NO POLICY

3.3.1 PREMIUM

3.3.2 THE POLICY

3.3.3 CONCLUSION

CHAPTER 4

INDEMNITY, SUBROGATION AND PROXIMATE CAUSE AS OTHER PRINCIPLE
OF INSURANCE

4.0.0 INTRODUCTION

4.1.0 INDEMNITY

4.1.1 DEFINITION OF INDEMNITY

4.1.2 PRINCIPLES OF INDEMNITY

4.1.3 METHOD OF PROVIDING INDEMNITY

4.1.4 MARKET VALUE TEST

4.1.5 LIABILITY OF INSURER

4.2.0 SUBROGATION

4.2.1 THE PRINCIPLE OF SUBROGATION

4.2.2 LIMIT TO THE BASIS OF SUBROGATION

4.2.3 LEGAL BASIS OF SUBROGATION

4.2.4 TIME FOR SUBROGATION

4.2.5 MODIFICATION OF THE PRINCIPLE OF SUBROGATION

4.3.0 PROXIMATE CAUSE

4.3.1 DEFINITION OF PROXIMATE CAUSE

4.3.2 APPLICATION OF PROXIMATE CAUSE

4.3.3 EXCEPTED PERILS

4.4.0 CONCLUSION

CHAPTER 5

GENERAL CONCLUSION

5.0.0 CONCLUSION

5.1.0 RECOMMENDATION

5.2.0 BIBLIOGRAPHY

ARTICLES IN JOURNAL

BOOKS

NEWSPAPER REPORT

Originally posted 2016-09-29 14:38:15.