The person can not make any profit off the item they’re insuring
indemnity
1 of 6
The person must gain from the item’s existence and suffer from its loss
insurable interest
2 of 6
E.g if the insured person’s car is stolen and the insurance company pays the compensation, and later the car is found, it belongs to the insurance company
subrogation
3 of 6
You can’t insure an item in two insurance companies
contribution
4 of 6
the person seeking insurance must provide all relevant details and be truthful
utmost good faith
5 of 6
amount insured divided by current market value X the loss = the compensation the person can get (underinsured
average clause formula
6 of 6
Other cards in this set
Card 2
Front
The person must gain from the item’s existence and suffer from its loss
Back
insurable interest
Card 3
Front
E.g if the insured person’s car is stolen and the insurance company pays the compensation, and later the car is found, it belongs to the insurance company
Back
Card 4
Front
You can’t insure an item in two insurance companies
Back
Card 5
Front
the person seeking insurance must provide all relevant details and be truthful
Comments
No comments have yet been made