Insurance Types And Principles
Read this article to learn about the concept features significance philosophy significance principles and types of insurance.
Insurance types and principles. It is a form of risk management primarily used to hedge against the risk of a contingent or uncertain loss. The main motive of insurance is cooperation. Basically there are two types of insurance as presented below. Concept of the term insurance.
1 utmost good faith. 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. 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. A contract of insurance is a contract under which the insurer i e.
Insurance is defined as the equitable transfer of risk of loss from one entity to another in exchange for a premium. Get legal help with insurance contracts the principles of insurance in this article ensure fairness in insurance contracts. Insurance company in consideration of a sum of money paid by the. Both parties must abide by these principles.
Corporations also have insurable interests in the life of it s employees. In case of life or marine insurance insured must be the owner both at the time of entering of entering into the insurance contract and at the time of accident. Nature of contract is a fundamental principle of insurance contract. Understand what is insurance its types and benefits and 7 most important principles of insurance.
In this the nominee will get the policy amount upon the death of the insurer. An insurance contract. In this video i explain what is insurance the general principles and types of life fire and marine insurance. Questions on insurance and its principles are asked in insurance exams such as lic exam nicl niacl etc.
The insurance that covers the risk of the life of the insured is called life insurance. The term insurance may be defined as follows. Insurance is a means of protection from financial loss. It is also important for the bank exam ssc exam and other government exams.
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. As we discussed before insurance is actually a form of contract. The important principle of insurance are as follows.
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