Noussia, Kyriaki --- "Definition: Different Common Law and Civil Law Approaches to the Definition of Insurance" [2012] ELECD 157; in Burling, Julian; Lazarus, Kevin (eds), "Research Handbook on International Insurance Law and Regulation" (Edward Elgar Publishing, 2012)

Book Title: Research Handbook on International Insurance Law and Regulation

Editor(s): Burling, Julian; Lazarus, Kevin

Publisher: Edward Elgar Publishing

ISBN (hard cover): 9781849807883

Section: Chapter 3

Section Title: Definition: Different Common Law and Civil Law Approaches to the Definition of Insurance

Author(s): Noussia, Kyriaki

Number of pages: 23

Extract:

3 Definition: different common law and civil law
approaches to the definition of insurance
Kyriaki Noussia



1. INTRODUCTION
The normal activities of daily life can sometimes carry the risk of enormous financial loss.
Thus, many persons are willing to pay an amount for protection against these risks. The
term `insurance' describes any such measure taken for protection against risks. When
insurance takes the form of a contract in an insurance policy, it is subject to requirements
in legal statutes, regulations, and court decisions.
This chapter discusses the legal and regulatory definition of insurance in various,
representative, common law and civil law jurisdictions. At certain points special emphasis
is given to the position under English and US law, as these represent two of the most
significant and developed jurisdictions in the area of insurance law.
In effect, we comparatively survey the way insurance is defined in insurance law and
regulation, with a consideration of the legal and regulatory significance of having such a
definition. A comparative discussion also offers the perfect opportunity to take a
thorough look at the issue outside the law of any one particular jurisdiction and allows
general practical implications to be identified and discussed as well as relevant conclu-
sions to be drawn.

1.1 Definition and Brief Historical Overview

Modern insurance contracts come in many different forms providing cover against almost
every eventuality that can be conceived. At their most basic, though, they can be either
`contingent' against the happening of an event, with life assurance ...