Monday, 17 May 2010

Three Golden Principles Of Insurance

  • Indemnity

The insurance company indemnifies, or compensates the insured in the case of certain losses only up to the insured's interest

  • Insurable interest

The insured typically must directly suffer from the loss

  • Utmost Good Faith

The insured and the insurer are bound by a good faith bond of honesty and fairness

Information Courtesy – Wikipedia - 

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