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What is insurance and principles of insurance?

Asked By: Naksh Dhillon

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5 Answer(s) Available

Student at Kendriya Vidyalaya Outreach Marketing El Paso United States

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Preschool Teacher Api Administrative Support Talent Acquisition Tiruchirappalli India

The basic principle of insurance is that an entity will choose to spend small periodic amounts of money against a possibility of a huge unexpected loss. Basically, all the policyholder pool their risks together. Any loss that they suffer will be paid out of their premiums which they pay.


Student at Kendriya Vidyalaya Outreach Marketing El Paso United States

The insurer and the insured enter a legal contract for the insurance called the insurance policy that provides financial security from the future uncertainties. In simple words, insurance is a contract, a legal agreement between two parties, i.e., the individual named insured and the insurance company called insurer.


BCA from Vidya Knowlegde Park, Meerut Premiere Pro, Movie Review, After Effects Chicago United States

The 7 Principles of Insurance Contracts: When You Need A Lawyer · Utmost Good Faith · Insurable Interest · Proximate Cause · Indemnity


Stained Glass Artist Autocad User Experience Emea Vadodara India

In the insurance world there are six basic principles that must be met, ie insurable interest, Utmost good faith, proximate cause, indemnity, subrogation and contribution. Insurable Interest. The right to insure arising out of a financial relationship, between the insured to the insured and legally recognized.


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