Mr. Insurance shares his knowledge about insurance to educate the general public and to make them aware of its benefits.
The basic insurance principles
February 25, 2008So you already insured your property and are thinking that if something bad happened to your property, your insurer would pay you for the damages or replace the property insured. The answer is yes, provided, the following basic insurance principles are present.
- The principle of Insurable Interest;
- The principle of Utmost Good Faith;
- The principle of Indemnity;
- The principle of Subrogation;
- The principle of Contribution;
- The principle of Proximate Cause.
We shall discuss in details these principles one by one.
