General insurance What are some Conditions to met under insurance policy?

[Mataracy]

The condition to perform on the part of one of the parties to an agreement may be conditioned upon the action of the second party. A clause in an insurance contact requiring such a performance is usually referred to as a condition. Failure of one party to perform relieves the other party of obligation.
Policy conditions may be classified in to two main ways:
(1) By whether they appear in the policy document or not . I.e whether they are :
(i) expressed or (ii) implied
(2) Time when condition need to be fulfilled
(I) Conditions precedent to the policy
(ii) Conditions subsequent to the policy
(iii) conditions precedent to liability.

EXPRESS CONDITION
These type of conditions are expressed or stated in the policy. They vary form one class of business to another, and as such may be worded in general or specific terms. Some of the conditions usually found in most policies include:
(a) notification condition
(b) claims procedure
(c)cancellation
(d) contribution
(e) arbitration
(f) adjustment of premium etc

IMPLIED CONDITIONS
There are four conditions which are implied by law to apply to all insurance contracts even though they do not appear in writting viz:
(a) That the insured has an insurable interest in the subject matter insured.
(b) That both parties have observed the utmost good faith in their negotiations leading up to the contract.
(c) Rhat the subject mattet of the insurance is actually in existence
(d) That the subject matter of insurance is able to be identified.

 

[btaliat]

Thanks for this kind of information. Those information that you wrote up there are vital even not to insurance companies alone. I have been following your threads on insurance and I am coming to the term that there is too much formalities on insurance that can even scare newbies who doesn't like stress like me.

 

[Setho]

Thank you very much for sharing his insurance tips. This is because a lot of people have actually expressed that the reason why they do not want to enroll into insurance is because they believe that it is very complicated and the insurance companies are only out there to chase them and take away their money.