Description
Estoppel is a judicial device in common law legal systems whereby a court may prevent, or "estop" a person from making assertions or from going back on his or her word; the person being sanctioned is "estopped".Description
An aleatory contract is a contract where an uncertain event determines the parties' rights and obligations. For example, gambling, wagering, or betting typically use aleatory contractsSubrogation Rights and Interests
If you have been injured in an accident that has resulted in damages, at some point you will undoubtedly hear the term "subrogation." Literally, subrogation means one person or party stands in the place of another. Subrogation issues surface when a person has been injured and someone other than the person or party at fault pays for all or some of the damages resulting from the injury. By definition, a subrogation claim allows the innocent paying party, also known as a "collateral source," to stand in the shoes of the injured party. The collateral source asserting a subrogation claim will not be entitled to greater rights than those possessed by the person who was entitled to receive the initial benefits. Moreover, any legal defenses that could be used against the injured party may also be asserted against the collateral source provider.
Unlike conventional insurance companies, which are either owned by shareholders for stock companies or policyholders for mutual companies, reciprocal insurance companies are owned by its subscribers, or members. They insure each other, in a reciprocal arrangement, by exchanging indemnity contracts among themselves.When insurance is obtained through a reciprocal insurer, the insureds are sharing the risk of loss with other subscribers of that reciprocal.
Unlike conventional insurance companies, which are either owned by shareholders for stock companies or policyholders for mutual companies, reciprocal insurance companies are owned by its subscribers, or members. They insure each other, in a reciprocal arrangement, by exchanging indemnity contracts among themselves.When insurance is obtained through a reciprocal insurer, the insureds are sharing the risk of loss with other subscribers of that reciprocal.