What is insurance and explain the principles of insurance?
Insurance is defined as a contract, which is called a policy, in which an individual or organisation receives financial protection and reimbursement of damages from the insurer or the insurance company. At a very basic level, it is some form of protection from any possible financial losses.
What are the 7 principles of insurance?
In the world of insurance, there are six basic principles or forms of insurance coverage that must be fulfilled, including Utmost Good Faith, Insurable Interest, Indemnity, Proximate cause (proximal cause), Subrogation (transfer of rights or guardianship), and Contribution.
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BCOM 314 Principles of Insurance UNIT-I - fimt-ggsipu org www fimt-ggsipu org/study/bcom314 pdf It should not be confused with peril which is defined as the cause of loss or with hazard which is a condition that may increase the chance of loss Finally
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