5 insurance principles

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Basic Principles of InsuranceIn the insurance human being tbelow are six basic principles that need to be met, ie insurable interest, Utmost excellent confidence, proximate cause, indemnity, subrogation and also contribution.

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Insurable InterestThe right to incertain developing out of a financial partnership, between the insured to the insured and also legally known.Utthe majority of good faithAn activity to discshed accurately and also totally, all facts product (material fact) about something that will be insured is requested or not. The interpretation is: the insurer should honestly explain everything plainly around the level of the terms / problems of the insurer and also the insured need to additionally carry out a clear and correct for objects or interests of the insured.proximate causeis an active reason, reliable reason that chain of events that cause an outcome without the intervention of the start and functioning proactively from a new and independent.

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IndemnityOne device whereby the insurer offers financial compensation to location the insured in a financial place that he had actually before the loss (Commercial code article 252, 253 and also affirmed in section 278).SubrogationRight deliver request from the insured to the insurer after a claim is passist.

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ContributionWhile the insurer the best to invite any kind of other perboy equally bear, yet execute not have the same responsibilities to the insured to participate in giving indemnity.


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