LML4805
Assignment 1 Semester 2 2025
Unique Number: 354143
Due Date: 12 August 2025
2 ESSAYS PROVIDED
Classification of Insurance Contracts
Insurance contracts are legally binding agreements in which an insurer undertakes to
provide financial protection to an insured in return for the payment of a premium. These
agreements are designed to manage risk by compensating for specific losses that may
occur in the future. The law recognises that insurance contracts can be categorised in
different ways, often at the same time, which means a single contract may fall into more than
one category depending on the type of risk covered, the parties involved, and the nature of
the insured interest. Two of the most important ways of classifying insurance contracts are
the distinction between first-party and third-party insurance, and between property and
liability insurance. These classifications are closely linked and can sometimes overlap in
practice.
The distinction between first-party and third-party insurance is based primarily on the identity
of the person who is indemnified under the policy.
Terms of use
By making use of this document you agree to:
Use this document as a guide for learning, comparison and reference purpose,
Terms of use
Not to duplicate, reproduce and/or misrepresent the contents of this document as your own work,
By making use of this document you agree to:
Use this document
Fully accept the consequences
solely as a guide forshould you plagiarise
learning, reference,or and
misuse this document.
comparison purposes,
Ensure originality of your own work, and fully accept the consequences should you plagiarise or misuse this document.
Comply with all relevant standards, guidelines, regulations, and legislation governing academic and written work.
Disclaimer
Great care has been taken in the preparation of this document; however, the contents are provided "as is" without any express or
implied representations or warranties. The author accepts no responsibility or liability for any actions taken based on the
information contained within this document. This document is intended solely for comparison, research, and reference purposes.
Reproduction, resale, or transmission of any part of this document, in any form or by any means, is strictly prohibited.
Assignment 1 Semester 2 2025
Unique Number: 354143
Due Date: 12 August 2025
2 ESSAYS PROVIDED
Classification of Insurance Contracts
Insurance contracts are legally binding agreements in which an insurer undertakes to
provide financial protection to an insured in return for the payment of a premium. These
agreements are designed to manage risk by compensating for specific losses that may
occur in the future. The law recognises that insurance contracts can be categorised in
different ways, often at the same time, which means a single contract may fall into more than
one category depending on the type of risk covered, the parties involved, and the nature of
the insured interest. Two of the most important ways of classifying insurance contracts are
the distinction between first-party and third-party insurance, and between property and
liability insurance. These classifications are closely linked and can sometimes overlap in
practice.
The distinction between first-party and third-party insurance is based primarily on the identity
of the person who is indemnified under the policy.
Terms of use
By making use of this document you agree to:
Use this document as a guide for learning, comparison and reference purpose,
Terms of use
Not to duplicate, reproduce and/or misrepresent the contents of this document as your own work,
By making use of this document you agree to:
Use this document
Fully accept the consequences
solely as a guide forshould you plagiarise
learning, reference,or and
misuse this document.
comparison purposes,
Ensure originality of your own work, and fully accept the consequences should you plagiarise or misuse this document.
Comply with all relevant standards, guidelines, regulations, and legislation governing academic and written work.
Disclaimer
Great care has been taken in the preparation of this document; however, the contents are provided "as is" without any express or
implied representations or warranties. The author accepts no responsibility or liability for any actions taken based on the
information contained within this document. This document is intended solely for comparison, research, and reference purposes.
Reproduction, resale, or transmission of any part of this document, in any form or by any means, is strictly prohibited.
