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Principles of Insurance Explained in English | What are the Principles of Insurance
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Principles of Insurance | Principles of Insurance in Hindi | Principle of Insurance Class 11
Here I have explained in detail about the principles of Insurance in English. You will get complete details of all the principles of insurance in this video.
Principles of Insurance
0:37 1. Principle of Uberrimae fidei (Utmost Good Faith)
1:54 2. Principle of Insurable Interest
2:52 3. Principle of Indemnity
3:48 4. Principle of Contribution
4:58 5. Principle of Subrogation
5:54 6. Principle of Loss Minimization
6:33 7. Principle of Causa Proxima (Nearest Cause)
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1. Principle of Utmost Good Faith: According to this principles, the person who is getting insured must willingly disclose to the insurer, all his complete & true information regarding the subject matter of insurance.
2. Principle of Insurable Interest: In terms of this principle, You should have personal interest in the subject matter of Insurance. That means you can take insurance for your car, not your friend’s car.
3. Principle of Indemnity: This principle tells that the insurance is not to make profit, but only to compensate you against the losses incurred. So, the maximum claim can be passed is upto your actual loss. That means making your loss good.
4. Principle of Contribution: In terms of this principle, If there are more than two insurers, the insurance company has right to share the loss with other insurers.
5. Principle of Subrogation: once the insured is paid for the losses due to damage to his insured property, then the ownership right of such property shifts to the insurer. For example, If your bike is stolen and the insurance company has paid you the compensation, thereafter, if the bike is found, you cannot make your claim on the bike.
6. Principle of Loss minimization: this principle tells that Insurance buyer shall put all the effort to minimize the losses. If your car is stolen, you shall immediately call the police, insurance company. You cannot just sit and relax, feeling that your car has insurance.
7. Principle of Causa Proxima (Nearest Cause): According to this principle, when a loss if caused by more than one causes, then the nearest or the closest cause should be taken into consideration to decide the liability of the insurer.
Here I have explained in detail about the principles of Insurance in English. You will get complete details of all the principles of insurance in this video.
Principles of Insurance
0:37 1. Principle of Uberrimae fidei (Utmost Good Faith)
1:54 2. Principle of Insurable Interest
2:52 3. Principle of Indemnity
3:48 4. Principle of Contribution
4:58 5. Principle of Subrogation
5:54 6. Principle of Loss Minimization
6:33 7. Principle of Causa Proxima (Nearest Cause)
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1. Principle of Utmost Good Faith: According to this principles, the person who is getting insured must willingly disclose to the insurer, all his complete & true information regarding the subject matter of insurance.
2. Principle of Insurable Interest: In terms of this principle, You should have personal interest in the subject matter of Insurance. That means you can take insurance for your car, not your friend’s car.
3. Principle of Indemnity: This principle tells that the insurance is not to make profit, but only to compensate you against the losses incurred. So, the maximum claim can be passed is upto your actual loss. That means making your loss good.
4. Principle of Contribution: In terms of this principle, If there are more than two insurers, the insurance company has right to share the loss with other insurers.
5. Principle of Subrogation: once the insured is paid for the losses due to damage to his insured property, then the ownership right of such property shifts to the insurer. For example, If your bike is stolen and the insurance company has paid you the compensation, thereafter, if the bike is found, you cannot make your claim on the bike.
6. Principle of Loss minimization: this principle tells that Insurance buyer shall put all the effort to minimize the losses. If your car is stolen, you shall immediately call the police, insurance company. You cannot just sit and relax, feeling that your car has insurance.
7. Principle of Causa Proxima (Nearest Cause): According to this principle, when a loss if caused by more than one causes, then the nearest or the closest cause should be taken into consideration to decide the liability of the insurer.
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