Principles of Insurance


As is with all the good & beneficial things in life it happens with Insurance also, that people start making misuse of the security that Insurance helps safeguard us from. Therefore, Insurance works on certain principles so that no one misuses it.

Principles of Insurance :

  1. Principle of Insurable Interest.
  2. Principle of Utmost Good Faith.
  3. Principle of Indemnity.
    • Principle of Contribution.
    • Principle of Subrogation.
  4. Principle of Proximate Cause.
  5. Principle of Mitigation.
Advertisements

Leave a Reply

Please log in using one of these methods to post your comment:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s