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Policies and Perceptions of Insurance Law in the Twenty-First Century$
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Malcolm Clarke

Print publication date: 2005

Print ISBN-13: 9780199273300

Published to Oxford Scholarship Online: March 2012

DOI: 10.1093/acprof:oso/9780199273300.001.0001

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Insurance and Society

Insurance and Society

Chapter:
(p.251) 7 Insurance and Society
Source:
Policies and Perceptions of Insurance Law in the Twenty-First Century
Author(s):

MALCOLM CLARKE

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199273300.003.0007

The main issues in this chapter are whether insurance should be left entirely to the insurers, and insurance law to the lawyers. This chapter starts from the position that people should be free to contract insurance, like other services, as they wish, and that insurers should be free to write what terms they please. It asks whether, when, and how that freedom is, or should be, restrained. The main role of insurance in society is to spread risk and, if the risk materializes, to spread the resulting loss. Thus, the few who need it can be compensated from the contributions paid by the many who do not but might: people who are risk-averse and buy insurance can be assured that, if they were the ones in need, they too would be compensated.

Keywords:   insurance law, risk-averse, contract terms, lawyers, losses, law courts

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