Indemnity - The insured person cannot make a profit from insurance. , Utmost Good Faith - The insured person must tell the truth when filling out the proposal form and/or claim form. , Insurable Interest - The person must gain by the existence of item and suffer financially from its loss. , Subrogation - The right of ownership of the insured item passes from the insured to the insurance company once the compensation has been claimed. , Contribution - When the item is insured with more that one insurance company, the two insurance companies will divide the cost of the claim between them. , Home Insurance - It is often required by financial institutions when applying for a mortgage. , Comprehensive Motor Insurance - It is the most common and most expensive type of motor insurance. , Travel Insurance - Provides protection for the consumer due to loss or theft of personal belongings while abroad. , Term Life Assurance - This covers the consumer for a fixed number of years., Whole Life Assurance - This covers the consumer for their whole life until they die. , Third Party - Covers the consumer for damage to another person's vehicle or property but not damage to their own car. , Third Party, Fire & Theft - Another version of third party. It also insures the person's car if their is stolen or destroyed by fire.,

Principles of Insurance

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