Review legal and insurance law and its effects on economic development

Abstract

http://dx.doi.org/10.20286/ajaer-0502252

This study under rubric of "The juridical and legal investigation of insurance" intends to raise some generalities as to insurance contract and the sorts of it, and also with due attention to various viewpoints probes the general viewpoints of the lawyers and juris consults.To achieve this purpose, first of all the necessary references were selected and studied that accompanied with note taking. In this study, the analysis of findings is based on inductive-analytical method. This study consists of three parts, chapters, and sections and some defects have been revealed that recommendations have been suggested to ameliorate the present circumstances. The most important achievements of this study pertains: a- from legal viewpoint, insurance is a contract whereby, for specified consideration,  one party undertakes to compensate the other for a loss relating to a particular subject as a result of the occurrence of designated hazards in lieu of receiving certain amount.  b- Insurance contract on the strength of "binding principle" is obligatory, that is, when the parties enter into a contract it is valid and binds the parties, that is, one of them cannot terminate the contract without an agreement.