insurance

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Insurance is a means of protection from financial loss. It is a form of risk management, primarily used to hedge against the risk of a contingent or uncertain loss.
An entity which provides insurance is known as an insurer, insurance company, insurance carrier or underwriter. A person or entity who buys insurance is known as an insured or as a policyholder. The insurance 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 the insured in the event of a covered loss. The loss may or may not be financial, but it must be reducible to financial terms, and usually involves something in which the insured has an insurable interest established by ownership, possession, or pre-existing relationship.
The insured receives a contract, called the insurance policy, which details the conditions and circumstances under which the insurer will compensate the insured. The amount of money charged by the insurer to the policyholder for the coverage set forth in the insurance policy is called the premium. If the insured experiences a loss which is potentially covered by the insurance policy, the insured submits a claim to the insurer for processing by a claims adjuster. The insurer may hedge its own risk by taking out reinsurance, whereby another insurance company agrees to carry some of the risks, especially if the primary insurer deems the risk too large for it to carry.

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  1. Vickii

    VIC Insurance s93 property law- legal requirement?

    Our body Corp is paying entire costs to replace a retaining wall that runs along the boundary of our neighbours property. They argue we are obliged under section 93 of the property act to obtain insurance before we commence. Is Ths correct? The company doing the job would have public liability...
  2. Vickii

    VIC insurance s93 property act. Legal requirements

    Our body Corp is paying entire costs to replace a retaining wall that runs along the boundary of our neighbours property. They argue we are obliged under section 93 of the property act to obtain insurance before we commence. Is Ths correct? The company doing the job would have public liability...
  3. W

    QLD Are QCAT claims against business's covered by their insurance?

    I am helping a friend with several cases against a local Pest company and Builder for dodgy pre purchase inspections. This question is about the QCAT component we have lodged against the Builder who was not licenced to carry out a building inspection by QBCC. They investigated and fined him...
  4. S

    NSW Insurance For Balcony Tiles and / or Pavers For Strata Apartment Complexes

    Recently a neighbour in my complex had a waterproofing issue that arose whereby storm/rain water somehow began leaking from his balcony / terrace into the apartment below. Strata engaged an engineer who advised the original balcony tiles had to be removed so waterproofing could be redone to stop...
  5. B

    TAS Time Limitation on making a fraudulent insurance claim

    Someone I know made an insurance claim over a break and enter where some of his possessions were stolen The insurer either partially paid out or didn't pay out as they thought something was amiss (valuable easy to lift stuff was left behind). He forgot to mention to them that his entire indoor...
  6. L

    NSW Tree fell on my car. What insurance should cover it?

    Hi, I’ve been renting current house for 2 years and last month a huge gumtree in front yard fell on the house and my car. The car, a 2008 Toyota Prado, ended up with dents all over the bonnet (like large hail stones) and on one panel between the window and windscreen. Although I haven’t got my...
  7. D

    Reporting DUI to insurance

    Hello, I was in an accident where my car was written off in a collision with another vehicle. Both the other drive and I were fine afterwards and since it was an accident scene, I was taken to hospital for a blood test to check for alcohol and drugs. I reported the accident to my insurance...
  8. B

    NSW Fences and insurance

    I received a payout that included fences in the bushfires. My neighbour put up a fence without my approval. My question is, am I legally obliged to pay this neighbour the insurance money I received for that portion of the fence?
  9. H

    VIC Ex owes me insurance money what can i do

    while in a relationship my ex partner and i got a car, it was under my name (he paid for the car $1500ish and i paid for the insurance) all of it under my name and details. We split up, i let him take the car as he was using it to sleep in. he crashed it and hit another car, writing ours off in...
  10. M

    Life Insurance - Ex-Spouse claiming

    I was separated from late husband when he passed away but not divorced, we had already agreed to a financial settlement. I decided to walk away with less as the stress, threats I was receiving from him were deeply affecting my health, I decided to just settle on a lower amount. He has now passed...