Principle of Uberrimae Fidei, meaning Principle of Utmost Good Faith is a fundamental principle of Insurance which states that both parties to an Insurance Contract, that is, the Insured and Insurance Company, should act in Good Faith towards one another.
General
What is Principle of Insurable Interest in Insurance?
Insurable Interest is when a Person stands to gain or benefit from the continued existence or well-being of a Person or an Insured Property and the Person would suffer a financial loss from the absence of the Person or the Property. The Insured must have an Insurable Interest in the subject matter for which they want an Insurance Policy.
Burglary and Theft Insurance Policy
A Burglary and Theft Insurance Policy provides coverage for loss of insured assets due to theft and burglary at the insured premises. The Policy can be purchased for factories, warehouses, homes and offices.
What is Principle of Subrogation in Insurance?
Principle of Subrogation in Insurance means transfer of legal rights of the Insured to pursue recovery against a Third Party who is responsible for causing loss to the Insurance Company.
What is an Extended Reporting Period in Insurance? How it works?
An Extended Reporting Period is a provision in a Claims Made Liability Insurance Policy which allows the Insured to make claims even after the Policy Expiry.
What is an Insurance Deductible?
An Insurance Deductible is defined as the amount of loss that the Insured must bear from his own pocket before the Insurance Company starts paying out the claim.
What is an Insurance Broker? Definition, Types and What do they do?
An Insurance Broker is an intermediary between the Insurance Company and the Policyholder. Insurance Brokers assist clients in crafting comprehensive insurance solutions to secure the Policyholder from the various risks they are exposed to.
Insurance Ombudsman: Everything You Need to Know
Insurance Ombudsman is a grievance redressal platform of Government of India to address grievances raised by Insurance Policyholders.
Export Credit Guarantee Corporation of India (ECGC) – An Overview
Export Credit Insurance of India, also known as ECGC, provides a range of credit insurance policies for exporters. These Credit Insurance Policies provide protection against the risk of unpaid invoices.
What is Principle of Contribution in Insurance?
Principle of Contribution in Insurance states that when there are multiple insurance policies insuring the same asset, the insurance companies would pay a Pro-Rata proportion of the loss in case of an Insurance Claim.