PRINCIPLES OF INSURANCE

  1. 1. Utmost Good Faith
  2. 2. Insurable Interest
    3.
  3. 3. Indemnity
  4. – Subrogation
    For Internal Use For Training
    Department
  5. – Contribution
  6. 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
Insurance Contract.
 The Object of the Contract must be Legal and not against Public
Policy
 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.

Author: gktoday

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