Archive:

Fraud

Dishonest act by policyholders to obtain payment of an insurance claim that would otherwise not be covered by insurance.

General Principles

Insurance practices have developed over several hundred years. Certain principles have been established and upheld by the courts or codified by acts of Parliament. These principles, including the concept of Contribution, Indemnity, Proximate Cause, and Utmost Good Faith, are now the foundation stones of today’s insurance practices.

Goods in Transit insurance

Goods In Transit insurance covers goods against loss or damage while in your vehicle or when sent by carrier. Click through to find out more about Goods in Transit Insurance.

Hazard

When assessing a particular insurance risk, insurance underwriters look at two types of hazard, the physical and the moral. Physical hazard refers to the tangible aspects of the risk that could make a loss more or less likely, or increase or decrease the severity of that loss. A moral hazard,...

Hired Premises

If you hire premises for meetings, social gatherings and the like, you may have a responsibility to both the owners and the users. Your responsibility to the owners may arise out of your contract with them, so check the wording carefully and make sure that your Public Liability policy is...

Implied Conditions

Conditions not actually written down in the policy but that have evolved through practice or legislation over the past few hundred years to form the basic principles of insurance. For instance, the property insured must actually exist, and the insured must have an insurable interest in it.

Incurred Losses

Losses which have occurred within a specified time frame whether paid or still outstanding.

Indemnity

One of the five general principles of insurance. A policyholder should not profit by a claim, but should be put in the same financial position as he was immediately before it happened. Personal Accident policies can be an exception to the rule, as they have fixed sums per policy, as...

Insurable Interest

Insurable interest is a fundamental principle of insurance. It means that the person wishing to take out insurance must be legally entitled to insure the article, or the event, or the life. In other words, the happening of the event insured against, or the death of the life insured must...

Insurance

Risk management plan that, for a price, offers the policyholder an opportunity to share the costs of possible financial loss through an insurer.