General insurance Principle of insurance

[Jamoflondon]

Insurance was created to provide some kind of coverage or assurance for clients on their life, properties, health, journeys, even after your death, they still get you covered by compensating your family members or relatives on your behalf.
Now let’s talk about the principle guiding insurance, because it can’t be formal if it doesn’t have principles. It was created to control and guide the insurance business and make sure the connection between the insurer and the insured is intact without letting one party feel cheated or letting one party get the most advantage of it.
If you want to venture into insurance business or you want to do business with them, it is advisable to know about the principles first before bumping into it to avoid regrets later in the future

 

[Mataracy]

The principle of the insurance will help the insured to know how the company is operated and what its entails in order to receive cover from insurance company.
This will also help the insured person to know the rules and regulation guiding each policy.
Insurance principle will still help insured to know the benefit to receive at the end of the speculated time agreed upon.

 

[Mandy96]

The principle of insurance is mostly important for clients who are interested in doing business with the company. Not knowing much about the principles is the reason why the help of agents are usually needed. Let’s say the client knows about it, he or she wouldn’t have to spend money on advice or assistance

 

[btaliat]

Insurance is governed by many principles which the intending insured person must familiar himself with in order to make sure that there is no flouting of these principles in any way. But someone who knows that there is probability of not knowing these rules can need the service of brokers.