Augusta
VIP Contributor
Insurance company work with some principles and the insured needs to know about them before having any insurance policy contract. The principles are:
Principle of loss minimization:
This Principle states that the insured needs to be protective of the insured property to avoid being at fault
Principle of idemnity
This Principle states that the insured will only be restored back to his or her original position before a bad occurrence had happened
Principle of utmost good faith
This principle states that both the insured and insurer must be open and truthful to one another
Principle of insurable interest
This Principle states that the subject matter or what is insured.has financial gain for the insured and that it can actually bring financial lose to the insured when either damaged or destroyed.
what do you think of these Principles?
Principle of loss minimization:
This Principle states that the insured needs to be protective of the insured property to avoid being at fault
Principle of idemnity
This Principle states that the insured will only be restored back to his or her original position before a bad occurrence had happened
Principle of utmost good faith
This principle states that both the insured and insurer must be open and truthful to one another
Principle of insurable interest
This Principle states that the subject matter or what is insured.has financial gain for the insured and that it can actually bring financial lose to the insured when either damaged or destroyed.
what do you think of these Principles?