A CRITICAL ANALYSIS OF THE REQUIREMENTS OF INSURABLE INTEREST UNDER THE NIGERIA LAW OF INSURANCE

ABSTRACT

Insurance is a form of risk management, primarily used to hedge against the risk of a contingent loss; in essence, insurance is simply the equitable transfer of a risk of a loss, from one entity to another, in exchange for a premium. The failure on the part of the insured not to disclose or to make misrepresentation will automatically void the contract ab initio or to exclude the other party insurer from liability of any claim that may arise under such contract. This long essay has attempted to look at the requirements of insurable interest under the Nigeria law of insurance, by tracing the historical background of insurance, the theoretical development of insurance, emergence of insurance companies in Nigeria and by widely studying the general principle of insurance contract and the claim settlement experience of insurance in Nigeria whether there is fairness in the operation of the principle or not. Content analysis was adopted and secondary legal sources such as statutes, case law, textbooks, and scholarly papers. The study will also conduct a comparative analysis of the insurable interest doctrine in other jurisdictions in order to identify best practices and lessons that Nigeria may learn from. The research findings will contribute to the current body of knowledge on insurable interest under Nigerian insurance law and provide practical insights for stakeholders such as insurance firms, policyholders, regulators, and courts. The long essay is divided into five chapters, chapter deals with the general introduction, chapter two examines the overview of insurance and insurable interest in Nigeria. Chapter three will envisage framework on insurable interest and its application under insurance law in Nigeria. Chapter four looks at the challenges Regarding the Requirements of Insurable Interest. In closing, chapter give of this Long Essay will focus on conclusion, summary, findings and recommendations.

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