B Com Exam > B Com Videos > Principles of Insurance > Disclosure - Insurance Contract, Principles of Insurance
Disclosure - Insurance Contract, Principles of Insurance Video Lecture | Principles of Insurance - B Com
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FAQs on Disclosure - Insurance Contract, Principles of Insurance Video Lecture - Principles of Insurance - B Com
| 1. What is an insurance contract? |  |
Ans. An insurance contract is a legally binding agreement between an insurance company and an individual or entity, where the insurer provides financial protection or compensation in the event of unforeseen losses or damages in exchange for regular premium payments.
| 2. What are the principles of insurance? | |
Ans. The principles of insurance are fundamental guidelines that govern the functioning of insurance contracts. These principles include:
1. Principle of Utmost Good Faith: Both the insurer and 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: The insured should be compensated for the actual financial loss suffered, but not more than the amount of loss.
4. Principle of Subrogation: The insurer has the right to take legal action against the third party responsible for the loss after compensating the insured.
5. Principle of Contribution: If the insured has multiple insurance policies covering the same risk, each insurer will contribute proportionately to the claim settlement.
| 3. What are the key components of an insurance contract? | |
Ans. The key components of an insurance contract are:
1. Offer and Acceptance: The insured makes an offer by submitting an application, and the insurer accepts it by issuing the policy.
2. Consideration: The insured pays regular premiums as consideration for the insurer's promise to provide coverage.
3. Insurable Interest: The insured must have a financial interest in the subject matter of the insurance policy.
4. Legal Purpose: The insurance contract must be legal and not against public policy.
5. Capacity: The parties involved in the contract must have the legal capacity to enter into a binding agreement.
| 4. What are the different types of insurance contracts? | |
Ans. There are various types of insurance contracts, including:
1. Life Insurance: Provides financial protection in case of the insured's death.
2. Health Insurance: Covers medical expenses and healthcare costs.
3. Property Insurance: Protects against damage or loss of property, such as homes, buildings, or vehicles.
4. Liability Insurance: Offers protection against legal liabilities arising from personal injury or property damage to others.
5. Auto Insurance: Covers damages or injuries resulting from auto accidents.
| 5. Can an insurance contract be canceled? | |
Ans. Yes, an insurance contract can be canceled under certain circumstances. Both the insured and insurer have the right to cancel the contract. The insured can cancel by submitting a written request, and the insurer can cancel for reasons such as non-payment of premiums, fraud, or material misrepresentation by the insured. However, cancellation may result in penalties or loss of coverage, depending on the terms and conditions of the contract.
Text Transcript from Video
insurance policies covering you and your
family for life income protection and
trauma provide protection when you need
it the most so it's important that you
provide all the relevant information to
ensure that a future claim will be paid
before we submit your insurance
application it's important that you
understand your duty of disclosure this
means that you have the responsibility
to report any personal information that
might be relevant to your cover to the
insurer the insurer needs to know about
your injuries you have suffered any
illnesses that you had been diagnosed
with and any health issues that you are
currently experiencing you also need to
tell them about your family health
history the details of your occupation
and any hobbies that include a degree of
risk your duty of disclosure continues
until the insurer has informed you as to
whether they accept or decline your
application this means that you must
advise the insurer of any changes to the
information included in your application
up until the date that the insurer
confirms in writing that the policy
document has been issued in particular
you must advise your insurer of any
changes to the following medical or
physical conditions visits to medical
service providers including but not
limited to your doctor physiotherapist
or chiropractor new travel arrangements
that you initiate changes to your
pastimes and hobbies any changes to your
occupation status changes to your
smoking status if you don't disclose all
relevant information accurately and
truthfully a future claim may not be
paid or your insurance policy may be
cancelled
family for life income protection and
trauma provide protection when you need
it the most so it's important that you
provide all the relevant information to
ensure that a future claim will be paid
before we submit your insurance
application it's important that you
understand your duty of disclosure this
means that you have the responsibility
to report any personal information that
might be relevant to your cover to the
insurer the insurer needs to know about
your injuries you have suffered any
illnesses that you had been diagnosed
with and any health issues that you are
currently experiencing you also need to
tell them about your family health
history the details of your occupation
and any hobbies that include a degree of
risk your duty of disclosure continues
until the insurer has informed you as to
whether they accept or decline your
application this means that you must
advise the insurer of any changes to the
information included in your application
up until the date that the insurer
confirms in writing that the policy
document has been issued in particular
you must advise your insurer of any
changes to the following medical or
physical conditions visits to medical
service providers including but not
limited to your doctor physiotherapist
or chiropractor new travel arrangements
that you initiate changes to your
pastimes and hobbies any changes to your
occupation status changes to your
smoking status if you don't disclose all
relevant information accurately and
truthfully a future claim may not be
paid or your insurance policy may be
cancelled
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About this Video
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Nov 23, 2024 Last updated |
Video Description: Disclosure - Insurance Contract, Principles of Insurance for B Com 2024 is part of Principles of Insurance preparation.
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