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Principles And Practice Of Insurance

TABLE OF CONTENT INTRODUCTION TO INSURANCE PRINCIPLES OF INDEMNITY-INSURANCE  -  New! CLASSES OF GENERAL INSURANCE BUSINESS CLASSES OF LIFE INSURANCE  -  New! GENERAL PRINCIPLES OF INSURANCE  -  New! INSURANCE RISK MANAGEMENT  -  New! INSURANCE DOCUMENTATION  -  New! INSURANCE RENEWAL AND CANCELLATION  -  New! MAKING A CLAIM - INSURANCE  -  New! PRINCIPLES OF CONTRIBUTION- INSURANCE  -  New! PRINCIPLES OF INSURABLE INTEREST  -  New! Principles And Practice Of Insurance  -  New! REFERENCES Green, M. R. and Trieschmann, J.S. (1978). Risk and Insurance (5th ed).  South Western Publishing Company.  Carter, D.L. (1973). Risk Management. Cambridge, London: The  Bustunton Press. New York State Insurance Department. ^ Basic Types of Policies  (html).Retrieved on 2007-01-15.  ^Alexander B. Grannis, Chair. The Feeling's Not Mutual (html). New  York Stat...

PRINCIPLES OF CONTRIBUTION- INSURANCE

 INTRODUCTION A person is at liberty to insure his vehicle with more than one insurance company. However, if he suffers a loss all insurers concerned will “contribute” towards the payment to put him in the position he was just prior to the loss. He will not be allowed to claim separately from each of the insurers as this may lead to his receiving more than the value of his loss. Contribution Defined Contribution can be defined as the rights (or the exercise of the rights) of an insurer to call upon other insurers similarly (though not necessarily equally) liable to the same insured to share the cost of an indemnity payment. The important point here is that if an insurer has paid a full indemnity, it can recoup an equitable proportion from the other insurers of the risk. However, if a full indemnity has not been paid, then the insured will wish to claim from the other(s). The principle of contribution enables the total claim to be shared in a fair manner. Contribution and a Common I...

INSURANCE RISK MANAGEMENT

 INTRODUCTION From time immemorial, man has sought ways of controlling risk to which individuals either private or grouped together as commercial and business ventures are exposed. Until about 20 years ago, the concept of risk management was regarded as a subject and an arm of practical management. It is a multidisciplinary subject which brings together the ideas and techniques drawn from various disciplines, to provide sound conceptual functions and a set of tasks for the analysis and positive control of risks. It was widely acclaimed that risk management was first introduced in the United States of America in the early fifties as a result of dissatisfaction on the part of the corporate and individual insurance buyers with the inadequate premium discount given by insurance underwriters to compensate for higher risk retention and the loss prevention methods being adopted for their insured risks. The Concept of Risk in Insurance (Conditions of Certainty, Conditions of Risk and Co...

MAKING A CLAIM - INSURANCE

 INTRODUCTION The purpose of insurance is to provide financial compensation in the event of a loss. Therefore, if an insured suffers a loss or an accident and if the loss is covered by his insurance policy he can make a claim against his insurer. Making claim is simply an application by the insured for the payment of monies due under his insurance contract.  Claim Procedure Before an insurer will pay a claim, certain conditions must be satisfied. A loss or insured event must occur. The insured must suffer some financial loss before compensation is paid.  This is the case in non – life insurance. For life insurance, the insured event must have taken place, such as the death or survival of the insured. The insurer must be notified. Insurers usually request further details and completion of a claim for when they are notified of a loss. Proof must be provided. The onus is on the insured to show that a loss or event covered by the insurance has occurred. The insured must also ...

INSURANCE DOCUMENTATION

 INTRODUCTION If you want to buy some insurance, how do you go about it? Who do you ask? What will the insurer’s seller want to know? First of all, you need to make contact with the people who sell insurance. Next, you have to provide the insurer with enough information to enable him decide whether or not he wants to sell insurance; then you would need to complete a proposal form and the insurer will have to issue various documents setting out t the details of the contact and providing proof that a contract of insurance exists. In this unit we will look at each stage of this process in turn. From Proposal to Policy If you want to buy insurance, you must contact the people who sell it. Insurance is sold to the general public in two ways: by salesmen and by intermediaries. At this stage the applicant for insurance cover is known as the proposer and on completion of all the processes a policy form is issued evidencing the proof that a contract of insurance exists....

INSURANCE RENEWAL AND CANCELLATION

 INTRODUCTION In most non – life insurance, the contracts last for only a year, but subject to annual renewal, if the insured and insurer so agree to renew. However, in the case of life insurance contracts they last for many years, the insurer is obliged to continue to provide cover for the entire period. So it is not necessary for such a policy to be renewed on a periodic basis. When a policy is renewed for another year, a legally separate contract is created. Offer, acceptance and all other requirements for the formation of insurance contracts must again be present. This means, the insured must disclose any material facts which have developed or altered since the previous year. Even within the first year or on renewal, within the period of renewal and even if the premium had been paid, the parties to the contract of insurance may cancel the policy within the provisions contained in the policy. Renewal Procedures There is no compulsion on the insured and insurer to renew annual ...