Insurable interest, Utmost good faith, Indemity, Subrogation and Contribution
what is insurable insurance
to insure something you must benefit from it existence and financially suffer from it loss
what is utmost good faith -
you must answer all questions truthfully and reveal all relevant information when completing a proposal form and claim form, you must make all material facts relatiing to the policy known to the insurance company
what is a material fact
any facts that could that could change the desicion to grant you insurance or to affect your level of premiumn charged
what is indemnity -
the insured person should not make a profit from insurance , insureance only exists to put the injured person back in to the same financial position they were in beforesuffering the loss, not a better one
what is subrogation -
once an insurance company has paid compensation for the insured item, the right of that item is passed on to the insurance company
what i san insurance write off-
the cost of reparing the item is greater than the items replacment value
what is contribution -
where the same risk is insured with more then 1 insurer they will divide the costs between them
give exmples of what could be on a insurance form -
