The
insurance contract is contract like any other, but with particular peculiar
principles. The insurance interest should be beyond the control of either party
and there must be an element of negligence or that there is uncertainty.
Contracts dealing with uncertain future events are either alieatory,
contingent or speculative. In insurance risk exists a priori, whether or not we
insure. However in a wager there is no insurable interest.
It
has been observed that the contract of insurance is basically governed by rules
which form part of the general law of contract. But equally, there is no doubt
that over the years, it has attracted many principles of its own to such an
extent that it is perfectly proper to speak of the law of Insurance.
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