- 1. Utmost Good Faith
- 2. Insurable Interest
- 3. Indemnity
- – Subrogation
For Internal Use For Training
- – Contribution
- 4. Proximate Cause
Contract of Insurance
Persons to the Contract should be competent to Contract
Minors and persons of Unsound mind can not enter into
The Object of the Contract must be Legal and not against Public
Stolen Goods can not be Insured..
Insurance Contracts are subject to certain Specific Principles
evolved under Common Law in the UK which are generally followed
by Indian Courts. These are known as Fundamental or Basic
Principle of Law of Insurance.