"Introduction of insurance....👀"

"What is the meaning of insurance...👀"

An arrangement by which a  company or the state undertakes to provide a guarantee of compensation for specified loss, damage, illness, or death in return for payment of a specified premium. 

"😱Types of insurance...😱"

               

                  * Life Insurance 

               * General insurance { Non-life Insurance }

 "principles of insurance..."

 1. principle of utmost good faith 

• According to this principle, the insurance contract must be signed by both in absolute good faith or belief or trust.

2. principle of insurable interest 

• The principle of insurable interest states that the person getting insured must have an insurable interest in the object of insurance.

3. principle of contribution 

• It applies to all contracts of indemnity if the insured has taken out more than one policy on the same subject matter.
• If one insurer pays full compensation then that insurer can claim proportionate claim from.
• According to this principle, the insured can claim the compensation only to the extent of actual loss either from all insurers or from any one insurer.

4. principle of indemnity 

• According to the principle of indemnity, an insurance contract is signed only for getting protection against unpredicted financial losses arising due to future uncertainties.

5. principle of Loss MInimization 

• According to the Principle of Lost Minimization, the insured must always try his level best to minimize the loss of his property, in case of uncertain events like a fire out break or blast.

6. principle of subrogation 

• According to the principle of subrogation, when the insured is compensated for the losses due to damage to his insured property, then the ownership right of such property shifts to the insurer.

7. principle of causa Proxima 

• proximate cause is concerned with how the actual loss or damage happened to the insured party and whether it is a result of an insured peril.