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Peril
In insurance terms “peril” is anything which can incur a loss for the insurance company based on the coverage terms of any individual insurance policy. In most instances peril covered by a policy that is issued by an American insurance company will be specifically named on your insurance contract, this is known as a named peril.
The reason for listing a peril on your policy is so that the insurance company can be clear in legal terms for what they will be held responsible when it comes to making payments or releasing benefits under your contractual agreement.
What are the perils associated with my insurance policy?
Every single insurance policy is different and as such there are many possible combinations of peril that may be covered by your policy, and as such it would be difficult if not impossible to list them all here. You first step should be to read and understand your insurance contact, if you don’t feel you understand which instances of peril are included you could then consult your insurance broker or insurance agent for them to explain this to you.
Some usual perils that will be covered by your auto insurance policy:
Most insurance companies will offer auto insurance policies which cater for some or all of the following potential perils; however this is neither a definitive list nor a representation of your particular coverage:
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Flood and fire damage – this is not always a standard part of the insurance coverage in auto insurance policies and you may want to check to see if this is included in your policy
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Collision damage – in most instances this will be a standard coverage item for 3rd party cars but may not apply to your own vehicle
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Bodily Injury – like collision damage this may only apply to 3rd parties and not always the policy holder
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Theft and Loss – this is most commonly found in comprehensive insurance coverage and not on more basic insurance policies
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Acts of God or “Force Majeure” may or may not be included in your insurance policy but if they are each specific peril for which coverage is provided should be listed this may include acts of war or terrorist activities, hurricanes, tornadoes, etc.
If you discover that your insurance lacks coverage for a specific peril – you should contact your agent or broker to arrange additional coverage.
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FAQs on Peril - Concept of Insurance, Principles of Insurance, B com - Principles of Insurance
| 1. What is the concept of insurance? |  |
Ans. Insurance is a risk management tool that provides financial protection against potential losses or risks. It involves an agreement between the insurer (the insurance company) and the insured (the policyholder) in which the insurer agrees to compensate the insured for specified losses in exchange for regular premium payments.
| 2. What are the principles of insurance? | |
Ans. The principles of insurance are:
1. Principle of Utmost Good Faith: Both the insurer and the insured must disclose all relevant information honestly and accurately.
2. Principle of Insurable Interest: The insured must have a financial interest in the subject matter of the insurance policy.
3. Principle of Indemnity: Insurance aims to provide compensation for the actual financial loss suffered, up to the policy limit.
4. Principle of Contribution: If the insured has multiple insurance policies covering the same risk, each insurer will contribute proportionately to the claim settlement.
5. Principle of Subrogation: After compensating the insured, the insurer can take legal action against third parties responsible for the loss.
| 3. What are the different types of insurance policies? | |
Ans. There are various types of insurance policies available, including:
1. Life Insurance: Provides financial protection to the policyholder's beneficiaries in the event of their death.
2. Health Insurance: Covers medical expenses, hospitalization costs, and other healthcare-related expenses.
3. Property Insurance: Protects against damage or loss of property, such as homes, buildings, or belongings.
4. Auto Insurance: Covers damages to vehicles and provides liability protection in case of accidents.
5. Liability Insurance: Protects individuals or businesses from claims resulting from negligence or damage caused to others.
| 4. What factors determine the cost of insurance premiums? | |
Ans. The cost of insurance premiums is determined by several factors, including:
1. Age and Gender: Younger individuals generally pay lower premiums, while older individuals may have higher premiums. Gender can also affect the premium in certain types of insurance, such as life insurance.
2. Health and Lifestyle: Insurance companies may assess the insured's health condition, pre-existing medical conditions, and lifestyle choices (e.g., smoking, drinking) to determine the risk profile and premium.
3. Coverage Amount: Higher coverage amounts generally lead to higher premiums.
4. Occupation: Riskier occupations may result in higher premiums due to the increased chances of accidents or injuries.
5. Claims History: Individuals with a history of frequent claims may face higher premiums as they are seen as a higher risk.
| 5. What should I consider before purchasing an insurance policy? | |
Ans. Before purchasing an insurance policy, consider the following:
1. Assess Your Needs: Determine what risks and assets you need to protect and choose the appropriate type of insurance policy.
2. Compare Quotes and Coverage: Obtain quotes from multiple insurance companies, compare coverage options, and consider the reputation and financial stability of the insurer.
3. Read the Policy Terms and Conditions: Understand the policy's coverage limits, exclusions, deductibles, and any additional features or riders.
4. Evaluate Premiums and Affordability: Assess the premium costs and ensure they fit within your budget.
5. Seek Professional Advice: If needed, consult with an insurance agent or financial advisor to ensure you make an informed decision.
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