There are three main principles of insurance, and a famous doctrine which is rather similar to be a basic principle.
Two of the principles apply to every contract of insurance. They are the principles of Insurable Interest, and Uberrima Fides or Utmost Good Faith. The third principle, Indemnity, applies to all contracts of insurance except personal accident and life assurance. It has two corollaries, Contribution and Subrogation. Finally, the doctrine is called the Doctrine of Proximate Cause.
Let us take a careful look at each of these principles at my next posting.
Two of the principles apply to every contract of insurance. They are the principles of Insurable Interest, and Uberrima Fides or Utmost Good Faith. The third principle, Indemnity, applies to all contracts of insurance except personal accident and life assurance. It has two corollaries, Contribution and Subrogation. Finally, the doctrine is called the Doctrine of Proximate Cause.
Let us take a careful look at each of these principles at my next posting.
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