Celebrity Insurance

6 Pages Posted: 26 Dec 2012

See all articles by Dr. Yuvraj Dilip Patil

Dr. Yuvraj Dilip Patil

Symbiosis International University ; Ajeenkya DY Patil University School of Law Pune

Date Written: December 26, 2012

Abstract

'Celebrities' are what you and me have always aspired to become. Be it by hook or crook, many of us would like to have the tag 'celebrity' attached with our names. Everyone wants to be famous. They are the face of public fascination and have influenced our day to day life.

What makes them so special? Celebrities are born through a wide range of ways: through their professions, appearances in the media. But once famous, they need to keep scoring to be in the limelight. For celebrities their entire living depends upon the way they look. For them their most important assets are their appearance. If their living depends on an important body part like hands, fingers, smile or legs they cannot take chances on that. Each celebrity will have a trade mark and they would be known by that. They cannot afford to lose out on that. Hence they get themselves insured for specific body parts.

Almost all of us have some assets worth insuring our homes, our cars, and our health. But the insurance business goes far beyond the basics. Celebrities are no different. They take out insurance to protect their most important assets themselves.

Insurance is an economic activity that helps to reduce the risk of loss. It is a contract of indemnity where the indemnifier (Called insurer /assurer), agrees for consideration (called premium) to indemnify the loss caused to the indemnified (called insured/ assured). It is in writing and the insurance deed is called policy. The period for which policy is taken is called 'term of policy'.

Objective: to define the concept on celebrity insurance and to analyze whether the celebrity insurance is beneficial.

Suggested Citation

Patil, Yuvraj Dilip, Celebrity Insurance (December 26, 2012). Available at SSRN: https://ssrn.com/abstract=2193851 or http://dx.doi.org/10.2139/ssrn.2193851

Yuvraj Dilip Patil (Contact Author)

Symbiosis International University ( email )

SB Road, Lavale
Mulshi
Pune, Maharashtra 411004
India

Ajeenkya DY Patil University School of Law Pune ( email )

SB Road, Lavale
Mulshi
Pune, Maharashtra 411004
India

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