INSURANCE
A party agrees to compensate another party in exchange for a fee in the event of a specific loss, damage, or injury as a means of financial loss protection. It is a technique for managing risks that is primarily employed to protect against the risk of a potential or unforeseen loss.
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INSURANCE LAW
I. GENERAL PROVISIONSARTICLE 1.
This Act governs the terms and conditions of conducting insurance business in firms that offer personal and property insurance as well as the management of the firms’ commercial activities.
ARTICLE 2.
The following activities are considered to be part of the insurance business: obtaining personal and property insurance policies, fulfilling contractual obligations, contracting for reinsurance, implementing risk-reduction strategies for insured people and property,...