Access over 20 million homework & study documents

237816045 property casualty insurance 1

Content type
User Generated
Rating
Showing Page:
1/22

Sign up to view the full document!

lock_open Sign Up
Showing Page:
2/22

Sign up to view the full document!

lock_open Sign Up
Showing Page:
3/22

Sign up to view the full document!

lock_open Sign Up
End of Preview - Want to read all 22 pages?
Access Now
Unformatted Attachment Preview
Insurance Principles Foundation Course in Property & Casualty Insurance – Session 2 Insurance Principles – P&C PRINCIPLES OF A CONTRACT APPLICABLE TO INSURANCE  Insurance is essentially a contract  There must be an offer and an acceptance – the offer is the proposal and acceptance is the cover note/policy.  There must be consideration. Consideration is governed by offer and acceptance. The promise of indemnity is the offer and the payment of premium is the consideration from the insured. Insurance Principles – P&C PRINCIPLES OF A CONTRACT APPLICABLE TO INSURANCE  Both parties must be of the same mind – common intention and consent. If the prospect wants a fire policy, the insurer must issue a fire policy.  Both parties must be competent to contract. Minors or persons of unsound mind cannot enter into a contract.  The object of the contract must be legal and not against public policy. Insurance Principles – P&C FUNDAMENTAL PRINCIPLES GOVERNING INSURANCE  Utmost good faith  Insurance interest  Indemnity Subrogation Contribution  Proximate cause. Insurance Principles – P&C Utmost Good Faith – Uberrimae Fidei One of the fundamental principles of insurance theory and practice is that utmost good faith must be observed by both the parties. There is a general understanding that in insurance policies, the contract is ubberima fides. Insurance Principles – P&C Utmost Good Faith – Uberrimae Fidei  It is expected that i ...
Purchase document to see full attachment
User generated content is uploaded by users for the purposes of learning and should be used following Studypool's honor code & terms of service.

Anonymous
Very useful material for studying!

Studypool
4.7
Trustpilot
4.5
Sitejabber
4.4