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Insurance contracts, Principles of Insurance Video Lecture | Principles of Insurance - B Com
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49 videos|51 docs|14 tests
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FAQs on Insurance contracts, Principles of Insurance Video Lecture - Principles of Insurance - B Com
| 1. What are insurance contracts? |  |
Ans. Insurance contracts are legally binding agreements between an insurance company and an individual or business. These contracts outline the terms and conditions of the insurance coverage, including the scope of coverage, premiums to be paid, and any exclusions or limitations.
| 2. What are the principles of insurance? | |
Ans. The principles of insurance are the fundamental concepts that guide the insurance industry. These principles include the principles of utmost good faith, insurable interest, indemnity, contribution, and subrogation.
| 3. What is the principle of utmost good faith in insurance contracts? | |
Ans. The principle of utmost good faith requires both the insurance company and the policyholder to act honestly and transparently when entering into an insurance contract. This means that both parties must disclose all relevant information that could affect the insurance coverage, such as pre-existing conditions or previous claims.
| 4. What is insurable interest in insurance contracts? | |
Ans. Insurable interest refers to the financial or legal interest that a policyholder must have in the subject matter of the insurance contract. It ensures that the policyholder has a stake in protecting the insured property or person and prevents individuals from obtaining insurance on assets they do not own or have a legitimate interest in.
| 5. What is the principle of indemnity in insurance contracts? | |
Ans. The principle of indemnity states that an insurance policy should compensate the policyholder for the actual financial loss suffered, up to the policy limit. It aims to put the policyholder back in the same financial position they were in before the loss occurred, without allowing them to profit from the insurance claim.
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Nov 22, 2024 Last updated |
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