Insurance for Everything

At most good faith principle of insurance

2011-01-19T00:42:00.003-08:00

At most good faith principle of insurance
Insurance agreement is based on at most good faith of insurer and insured as well. It means both insurer and insured party should have to tell the truth to each other .the information supplied to each Other must be correct. It is the duty of the insured that he should have to disclose the necessary facts about the subject of insurance the insurer has the duty to disclose the all facts related with scope of Insurance contract. If any one party will not apply this principle, the other party may take the insurance Agreement void.

Proximent cause as principle of insurance

2011-01-19T00:42:00.001-08:00

Proximent cause as principle of insurance
Proximent cause means nearest cause from loss this is fundamental principle for deciding payment of compensating .This insurance company will provide compensation only for those losses causes by insured perils. If the loss is caused by one event then it is expoiled that whether it is insured or not .for example if a poverty is insurer against fire and fire damage the property the insurer should pay the compensation .Sometimes the poverty will be damaged by two or more causes simultaneous and after another then it is necessary to find out most effective cause for loss. In the event of loss the insurer most has to prove that the loss is proximately caused by an insured peril.

Subrogation as principle of insurance

2011-01-19T00:41:00.005-08:00

Subrogation as principle of insurance
This is another principle of insurance .This is applied to poverty insurance .Sup rogation means the transfer of rights and remedies of the insured in the subject matter to the insurer after the indemnification for example. If a poverty of an individual is damaged due to neglect that individual may get compensation from his neighbor to recover that compensation .This principle stands as penalty to the indentation damage made a party.

Insurancable interest as principle of insurance

2011-01-19T00:41:00.003-08:00

Insurancable interest as principle of insurance
This is another principle of insurance. The insurance contract is only valid if the insurer has insurable interest. Insurable interest means a relation between insured and the subject matter of insured .If the insured should not suffer a loss of the destruction of the subject matter, he has no interest .For example interest of and individual in his own life of the person on whom he or she depends, interest of creditors in the life of his debtors.

At most good faith principle of insurance

2011-01-19T00:41:00.001-08:00

Importance of Insurance

2011-01-19T00:40:00.002-08:00

Importance of Insurance
Human life is associated with various type of risk .Such as loss of property due to fire, earthquake, theft, untimely death etc. Insurance is most popular in business as well as in human life. The following points show the importance of insurance.
1. Financial Security
2. Reduce Risk
3. Encourage Saving
4. Mental Peace
5. Employment Opportunity
6. Promotes Foreign Trade
7. Check Inflation
8. National Development

Insurance is Everything

2011-01-19T00:40:00.001-08:00

Insurance is everything
Insurance is an agreement between two parties’ insurer and insured. One party agrees to transfer the risk of loss to other party and the other party is ready to take that risk. This is most essential and popular in modern business. In case of human life various kinds of insurance concentrated can be made. Human being are exposed with various kinds risk such as loss of property by fire, earthquake, theft, floods, loss in accident, untimely death etc. It is impossible to eliminate those all risk they are uncertain. But it can be financially or eliminated through insurance contract.