The Principle of Indemnity

Indemnity means the restoration of financial position of the insured after the loss as he enjoyed immediately before the loss.  It also means an exact financial compensation.  However, the indemnity payable should not exceed the insurable interest or the insured amount, whichever is lesser, at the time of the loss.  No one should profit under his insurance policy as a result of his/her misfortune.Indemnity is not applicable to life and personal accident insurance contracts. The reason being it is impossible to provide exact financial compensation for loss of life or limb.

The insurer has the option to provide indemnity in the form of cash, replacement, repair or reinstatement to discourage fraud or suspicious claims.

As defined above, indemnity is the exact compensation.  However, it may be reduced due to actual sum insured, insufficient sum insured and policy deductibles. Also, the salvage shall be considered in determining the indemnity.

Look of the Year Contest

There is a unique beauty contest that is going on over the web for the young and beautiful – the Look Of The Year Contest. 

Anybody who has the winning looks, anywhere you are in the world, can join this exciting contest.  Joining is easy as walking in the park. Simply submit your most beautiful pictures to http://www.lookoftheyear.com.  And the judges who will rate your pictures are the millions of visitors of LookOfTheYear.com.

We know that there’s only one winner per category.  But, even if you would not end up as one of winners, this is a great opportunity to expose yourself, be discovered, and become a famous model.

Join now!  The four categories are:

• Girls 14-19
• Women 19+
• Boys 14-19
• Men 19+

The Principle of Utmost Good Faith

Utmost Good Faith means that each party to a proposed insurance contract is legally obliged  to reveal to the other all information and materials facts, which would influence the other’s decision to enter into the contract, whether such information is requested or not.

Concealment and Misrepresentation.

Concealment is the intentional failure to reveal a material fact, which would influence a prudent underwriter in deciding whether to accept or reject a risk and what rate to charge and what conditions to impose.

Misrepresentation is the giving of false or misleading information on the material fact.

Concealment and/or misrepresentation gives the aggrieved party the right to avoid the contract.