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Principles of Insurance

QuestionAnswer
Insurable Interest The policy holder must benefit by the continued existence of the object and suffer by its loss, i.e. you can only insure something that you own.
Utmost good faith The person seeking insurance must provide all the information the insurance company needs and must disclose all material facts.
Indemnity The policy holder cannot make a profit out of insurance. The contract is for the reinstatement of the actual property insured, i.e. the compensation you receive is exactly equal to the value of the item you lost.
Contribution If the same item is insured against the same risk with more than one insurer the insurers will share compensation in relation to the amount of risk covered.
Subrogation When an insurance company pays compensation on damaged stock or property, the insurance company is entitled to claim the ownership of any goods remaining or to take over what remains of the property.
Created by: bccns business
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