Insurance Types And Principles
It is a form of risk management primarily used to hedge against the risk of a contingent or uncertain loss.
Insurance types and principles. An entity which provides insurance is known as an insurer insurance company insurance carrier or underwriter a person or entity who buys insurance is known as an insured or as a policyholder. Read this article to learn about the concept features significance philosophy significance principles and types of insurance. Both parties must abide by these principles. The important principle of insurance are as follows.
Insurance is a means of protection from financial loss. Concept of the term insurance. Get legal help with insurance contracts the principles of insurance in this article ensure fairness in insurance contracts. In this video i explain what is insurance the general principles and types of life fire and marine insurance.
Insurance policies can be declared null and void if an applicant made a misrepresentation of material fact that was relied on by the insurance company. The insurance that covers the risk of the life of the insured is called life insurance. Understand what is insurance its types and benefits and 7 most important principles of insurance. Insurance is defined as the equitable transfer of risk of loss from one entity to another in exchange for a premium.
A contract of insurance is a contract under which the insurer i e. Questions on insurance and its principles are asked in insurance exams such as lic exam nicl niacl etc. Corporations also have insurable interests in the life of it s employees. 1 utmost good faith.
A contract of insurance must be made based on utmost good faith a contract of uberrimate fidei. In case of life insurance spouse and dependents have insurable interest in the life of a person. Hence there are certain principles that are important to ensure the validity of the contract. Basically there are two types of insurance as presented below.
The main motive of insurance is cooperation. The term insurance may be defined as follows. In this the nominee will get the policy amount upon the death of the insurer. Principle of uberrimae fidei a latin phrase or in simple english words the principle of utmost good faith is a very basic and first primary principle of insurance according to this principle the insurance contract must be signed by both parties i e insurer and insured in an absolute good faith or belief or trust.
Insurance company in consideration of a sum of money paid by the. An insurance contract. It is also important for the bank exam ssc exam and other government exams.
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