Principle of ‘Causa Proxima’: The loss of insured property can be caused by more than one cause in succession to another. The property may be insured against some causes and not against all causes. In such an instance, the proximate … Continue reading →
Principle of Loss Minimization: According to the Principle of Loss Minimization the insured must always try his level best to minimize the loss of the insured property. The insured must take all possible measures and necessary steps to control and … Continue reading →
Principle of Subrogation: As per this principle after the insured is compensated for the loss due to damage to property insured, then the right of ownership of such property passes onto the insurer. This principle is corollary of the principle … Continue reading →
Principle of Contribution: The principle is a corollary of the principal of indemnity. It is applicable to all contracts of indemnity. Under this principle the insured can claim the compensation only to the extent of actual loss. If the … Continue reading →
Principle of Indemnity: Indemnity means a guarantee or assurance to put the insured in the same position in which he was immediately prior to the happening of the uncertain event. The insurer undertakes to make good the loss. 2. … Continue reading →
Principle of Insurable Interest: The principle of insurable interest states that the person getting insured must have insurable interest in the object of insurance. A person has an insurable interest when the physical existence of the insured object gives him … Continue reading →
Principle of Utmost Good Faith: Both the parties i.e. the insured and the insurer should show good faith towards each other. The insured must provide the insurer complete, correct and clear information of subject matter. The insurer must provide the … Continue reading →
The main objective of every insurance contract is to give financial security and protection to the insured from any future uncertainties. The Insured must never ever try to misuse this safe financial cover. Seeking profit opportunities by reporting false … Continue reading →
The FSCA has produced and issued the brochure; 7 Things to know about financial advisers. To read or download please click on the following link: fsca_7things_brochure_final
Continue reading →Click here to download the key figures as well as insurer statistics.
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