In this time and day, everyone has purchased insurance. Insurances such as Life insurance, Health insurance, Property insurance and Auto insurance are among the most common insurances that people would buy in order to ensure that those objects under the policy would be compensated should it have met any harm.
However, even insurance has its own law abiding it.
"An Insurance Policy is a legally binding contract between the person who buys the policy and the Insurance company. The person who buys the policy is commonly called the "Policyholder", who is also often the person insured.
The policyholder pays a specified sum of money, called the "Premium" to the Insurance company in exchange for an agreement by the Insurance company to pay a certain types of loss or damage as specified in the contract. In the event a loss occurs, which meets all the requirements described by the terms of an Insurance policy, the loss is said to be "covered" by the policy."
Under the Insurance Act 1996 which would be clearly defined here: http://www.bclaws.ca/Recon/document/freeside/--%20i%20--/insurance%20act%20rsbc%201996%20c.%20226/00_act/96226_02.xml
For more reading about the insurance Law, try these few sites:
http://www.lawyerment.com.my/Insurance/
http://www.commonlii.org/my/journals/JMCL/2002/2.html
http://www.bnm.gov.my/index.php?ch=14&pg=17&ac=545&full=1
http://www.bclaws.ca/Recon/document/freeside/--%20i%20--/insurance%20act%20rsbc%201996%20c.%20226/00_act/96226_00.htm
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