Day: September 21, 2020

Insurance contracts may be classified on the basis of:- 1. The event insured: The category of insurance derives its name from the event e.g.fire, burglary, marine, fidelity, motor etc. 2. The Interest Insured: The classification places contracts in 3 categories Read More …

An insurance contract may come to an end or terminate in any of the following ways:- 1. Payment of Indemnity or the sum assured in the event of total loss. In the case of 2. partial loss, reinstatement does not Read More …

THE CONTRACT OF INSURANCE A contract of insurance comes into existence when an offer by the proposer is accepted by the insurer. The proposer makes the offer by completing and submitting to the insurer the proposal form. This form seeks Read More …

Insurer: This is the person who undertakes to pay the sum assured or indemnity when the insured event occurs. To carry on insurance business in Kenya, a person must be a body corporate (company) licensed by the Commissioner of insurance Read More …

1. Parties: The parties to an insurance contract are the insurer ad the insured. 2. Premium: This is the consideration which passes from the insured to the insurer to support the contract. 3. Risk: This is the probability or chance Read More …

WHAT IS INSURANCE? This is a contract whereby a party known as the insurer undertakes, in consideration for a sum of money known as premium paid by the insured, to pay a sum of money or its equivalent on the Read More …

The law relating to the Purchase in Kenya is contained in the Hire Purchase Act1, .The Act was enacted in 1968 and came into force on 2nd November, 1970. It was a Private member’s Bill based on the English Hire Read More …