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No matter how good we are at planning things, life is still surrounded by the risk of death, disability, and/or financial crunches. Considering this, an insurance plan is a prudent way to manage such risks with a peaceful and stress-free mind.
So, before going ahead, let’s first understand what insurancs is?
Insurance is a legal agreement between the insurer (insurance company) and the insured (individual) party, where the insurer assures to provide financial assistance in case of insured contingencies to the individual.
The contingency can be anything or any event triggering the loss, i.e., it can be untimely demise of the policyholder or damage/destruction of the assets. The insurer pays sum assured to the policyholder or to their surviving family, in case of sudden demise of a policyholder during the policy term.
When an individual buys the insurance, the insurer and the insured is entitled to get a legal contract for the same, which is called the insurancs policy. This policy document contains details regarding the conditions and circumstances under which the insurer will provide coverage and pay the sum assured to either the insured person or the nominees.
Undoubtedly, insurance is an ideal way to shield yourself and your family from uncertain emergencies. Whenever any such emergency occurs, the insured need to claim the policy benefits and the insurer will take on the responsibility to cover financial losses.
Assured income through incurance polices allow you and your family to stay financially secured.
Investments made in the specified instruments are subject to rebate as far as tax benefits are concern.
In case of any untoward happening to the policyholder, the respective company pays up the full(insured) amount.
Money invested in insurance policies is safe and it also offers risk cover along with attractive bonus.
In case you are in desperate need of money, some insurer provides the advantage of borrowing to policyholder.
Insurance policies provides you with a high life risk cover that offers financial cover to you and your family.
The primary objective of any insurance is to provide financial security and protection to the insured party from any future uncertainties. However, insured party must never misuse the benefits of the policy. Reporting fake occurrences to seek claiming profits violates the terms and condition of the contract. Therefore, before signing the contract document, it is essential to read and understand the key principles of insursnce policy.
Here are fundamental principles of policy:
Principle of Utmost Good Faith
This is a very basic and primary principle of insurance. This principle states that the contract must be signed by both insurer and the insured in an absolute good faith or belief. As a client, it is the duty of the insured party to not hide any facts from the insurer company. Any misrepresentation, omission, hidden, or falsified presentation of facts can lead to cancellation of the contract.
Principle of Insurable Interest
According to this principle, an individual getting insured must have insurable interest in the subject matter of the insurance. Absence of such interest makes the contract null and void and the insurer company would not issue the policy.
Principle of Indemnity
As per the principle of indemnity, an insurancs policy is primarily designed to provide protection or compensation against unpredicted financial losses that might occur due to life uncertainties. However, compensation is not paid if the loss or damage doesn’t happen due to specified reason.
Principle of Contribution
Principle of contribution is a result of previous principle and it is applied to all contracts of indemnity. According to this principle, the insured party can claim the financial benefits only to the extent of actual loss.
Principle of Subrogation
This principle enables the insured to claim the compensation from the third-party responsible for the damage or loss. It allows the insurer to pursue legal proceedings and sue the third party to recover the loss or damage in the form of financial compensation.
Principle of Loss Minimization
This principle states that the insured party should behave responsibly to minimize the losses at times of future uncertainties. For instance, the insured party should drive the vehicle within the speed limit and follow the traffic rules to avoid the risk of accident or life loss. Hence, it is a primary responsibility of the policy holder to protect his insured property and avoid further losses.
Principle of proximate cause
According to the principle of proximate cause, when a loss or damage is caused by more than one, the proximate or closest cause is taken into consideration to decide the liability of the insurer.Apply Now
Travelling is definitely fun and refreshing, particularly if you are heading for a holiday trip with your loved ones. But wait, what if a medical emergency occurs in between the flight or your wallet gets stolen? Sounds weird and spoiled the fun mood, right? This can turn true, but, you need not to worry as a travel insurancs helps you manage the travel and medical contingencies. Buying travel insurance not only safeguards you from all possible foreseen situations, but, also keeps the fun moments cherished throughout the trip.Apply Now