Basic Understanding of Insurance on Legal Angle

Before we going further more, it is important to know about this type of legal realtionship on insurance, where bothside on this legal relationship will acknowledge theirs position each on insurance world which is called a basic understanding of insurance on legal angle.

              

A. Short History of Insurance :

Insurance itself was borned bcz on that time the owner of companies who send theirs products and or comodities must using sea way....however sometimes unexpected event came such as from pirates or from nature that sank theirs ship.

In the end no revenues instead got bankruptcy and must paid theirs workers on ship that were passed away to theirs families each.

Finally they need 3rd party that can  be able to  payback theirs lossed on theirs business risk, shortly borned insurance company that took theirs risk with agreement on paper that were signed by both sides.

B. How the Legal Relationship was Borned Actually ?

Actually it was borned because 2 subjects on legal term had agreed to do something or not to do something where both have theirs own obligation each and having theirs rights too that must b paid by both side.

On legal term, the legal subject divided onto :

1. Individual

2. Legal entity

Interactions between individual to individual, legal entity to legal entity or individual with legal entity will born Legal Relationship as consesuent this legal relationship will give for both sides a Legal Causal.

This legal causal will okay if bothside have no conflict.

But if there is &/ are conflict(s) then both need law rules to solve that conflicts which will b solved on court process as were agreed on legal insurance agreement papers.

There for as long as bothside respects the law agreement on this topic that is in insurance both will enjoy the rights as both each paid theirs obligation each too.

C. Insurance Today :

There are many types on insurance as the economic grew on every certain countries in the past which trigered those variants of insurance, one side bcz there were a demand on it in otherside because of the level of trust to the govenments grew and created condusif climate for peoples to do theirs business.

Today as era of digital, the risk which were taken over by insurance company not just on that area an sich but went away to the digital area. One of it is Cyber Security Insurance.

So actually this spacing demanded on insurance type  was borned bcz the digital activities had been being grown, like or not we are all are in digital era.

🦋 Sum  :

By acknowledged yours position each on legal angle both as individual or as legal entity at least  be hoped will born mutual respect and avoid conflict of interest especially on insurance world, so hopefully this tweetxpress of basic understanding of insurance on legal angle is usefull as always 🙂.

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