The document discusses several key principles of insurance:
- Insurance requires insurable interest to differentiate it from gambling. Insurable interest refers to a legitimate financial stake in the subject matter being insured.
- The insured must disclose all material facts regarding the risk. Undisclosed or misrepresented facts can void the contract.
- Insurance contracts aim to indemnify, or make whole, the insured for losses by restoring them to their pre-loss financial position without providing a payout exceeding losses.
Social development club is a leading course content provider of India with a key focus on skilling courseware development. We deliver complete package required to deliver the Skill development program effectively. We develop NCVT and SSC aligned courses of all the domains and for all the schemes.
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Social development club is a leading course content provider of India with a key focus on skilling courseware development. We deliver complete package required to deliver the Skill development program effectively. We develop NCVT and SSC aligned courses of all the domains and for all the schemes.
Contact: sdccourses@gmail.com, http://www.socialdevelopment.club
DID YOU KNOW??
Today, the insurance industry in Malaysia offers more than just financial protection; there’re also great job opportunities for you.
Whatever careers you choose in this industry; you’ll enter an industry that offers great career development and growth through training and education.This is great place to start!!
View what career opportunities offered to talented people in the Malaysian insurance industry today.
You can also explore various other careers in insurance, the next question is only – when? The future’s bright. The future starts today!
Life insurance can be an important part of your financial strategies, helping to ensure a more secure financial future for your loved ones when you're gone
Get helpful insights on types of insurance policy like life insurance, child insurance, investment plans, ulip plans, pension and others. For more information visit - www.aegonreligare.com
DID YOU KNOW??
Today, the insurance industry in Malaysia offers more than just financial protection; there’re also great job opportunities for you.
Whatever careers you choose in this industry; you’ll enter an industry that offers great career development and growth through training and education.This is great place to start!!
View what career opportunities offered to talented people in the Malaysian insurance industry today.
You can also explore various other careers in insurance, the next question is only – when? The future’s bright. The future starts today!
Life insurance can be an important part of your financial strategies, helping to ensure a more secure financial future for your loved ones when you're gone
Get helpful insights on types of insurance policy like life insurance, child insurance, investment plans, ulip plans, pension and others. For more information visit - www.aegonreligare.com
The Presentation on Engineering Insurance help us knowing more about the different types of Insurance Policies for various types of engineering projects as there are different types of product available under engineering insurance and referring this presentation will let you know about engineering insurance.
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Insurance law is the practice of law surrounding insurance, including insurance policies and claims. It can be broadly broken into three categories - regulation of the business of insurance; regulation of the content of insurance policies, especially with regard to consumer policies; and regulation of claim handling.
Define insurance.
Differentiate between compulsory and non-compulsory insurance
Why would businesses need insurance
Difference between insurance and assurance
principles of insurance
Concepts in insurance
Grade 12 subject content
Role of Insurance , types of Insurance and HLVshobha
Meaning of insurance; Role of insurance as a risk mitigant, Introduction to various types of risks, Concept of insurable risks from an investor’s perspective, Various insurance products available–Life and Non Life, Concept of Human Life Value (HLV) and methods of computing HLVs.
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0x01 - Newton's Third Law: Static vs. Dynamic AbusersOWASP Beja
f you offer a service on the web, odds are that someone will abuse it. Be it an API, a SaaS, a PaaS, or even a static website, someone somewhere will try to figure out a way to use it to their own needs. In this talk we'll compare measures that are effective against static attackers and how to battle a dynamic attacker who adapts to your counter-measures.
About the Speaker
===============
Diogo Sousa, Engineering Manager @ Canonical
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Sharpen existing tools or get a new toolbox? Contemporary cluster initiatives...Orkestra
UIIN Conference, Madrid, 27-29 May 2024
James Wilson, Orkestra and Deusto Business School
Emily Wise, Lund University
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This presentation by Morris Kleiner (University of Minnesota), was made during the discussion “Competition and Regulation in Professions and Occupations” held at the Working Party No. 2 on Competition and Regulation on 10 June 2024. More papers and presentations on the topic can be found out at oe.cd/crps.
This presentation was uploaded with the author’s consent.
2. At the end of topic, students would be able to :
o Distinguish clearly the various principles in insurance related
aspects
3/18/2022 Haniza/PB502/PSA 2
3. Insurance MUST BE supported by insurable
interest
It differentiates insurance from gambling
Two related concepts :
o Subject matter of insurance
• Relates to WHAT is insured
• Refers to a property, potential legal liability, life etc insured
under a policy
o Subject matter of insurance contract
• The financial interest of an insured in the subject matter of
insurance
• The value (in dollar) insured – sum insured
3/18/2022 Haniza/PB502/PSA 3
4. Insurable interest (I2) is :
o The legal right to insure arising from the legitimate financial
interest which an insured has in a subject matter of insurance
o Legitimate financial interest refers to a financial interest which is
recognised at law
o Must be proven with a particular document recognised at law
o Eg. Fire insurance of a house – proven by Selling & Purchase
agreement
3/18/2022 Haniza/PB502/PSA 4
5. o General insurance : at the beginning of contract and at time of
loss (except for marine insurance)
o Life assurance : at the beginning of contract only
3/18/2022 Haniza/PB502/PSA 5
1/1/12 30/6/12
General Insurance
1/1/12 25/9/2050
Life Assurance
6. o In property insurance : the owner, trustee, agent,
mortgagee or hirer (on property held in trust,
commission, mortgaged or hired)
o In liability insurance : anyone who has potential
liability and legal costs expenses (eg. Manufacturer)
o In life assurance : individual on his/her own life; spouse, child;
employee; a person whom he is dependent on
3/18/2022 Haniza/PB502/PSA 6
7. The insured has to disclose all important facts regarding
the risk to be insured
Disclose fully and accurately all material facts
Material facts refer to any facts that may influence a
prudent underwriter in making a decision whether or not
to accept the risk proposed or the premium to be
charged
When to disclose the facts :
o In general insurance : it extends beyond the inception
of the contract
3/18/2022 Haniza/PB502/PSA 7
8. UGF is said to have been breached when a proposer who knows or
is reasonably expected to know a material facts :
- fails to disclose the material fact, or
- misrepresents the material fact
When UGF is breached, it may results to :
o A non-disclosure or concealment
o Misrepresentation or fraudulent misrepresentation
o And the contract becomes voidable
o Concealment & fraudulent misrepresentation may further entitle
the insurer to sue for damages
3/18/2022 Haniza/PB502/PSA 8
9. Insurance contract promises to make good the
insured loss or damage
It requires the insurer to restore the insured to
the same financial position as he had enjoyed
immediately before the loss
The objective is to ensure that the insured shall
not be better off after the loss, after being
indemnified
The insured cannot receive more than what he
has lost
3/18/2022 Haniza/PB502/PSA 9
10. General insurance contracts are contract of indemnity
where insurable interest is measurable
Measures and methods of indemnity :
o Property insurance : replacement cost
o Liability insurance : court awards + costs and
expenses
o Pecuniary insurance : financial loss
3/18/2022 Haniza/PB502/PSA 10
11. An insurer who has indemnified an insured
for a loss may exercise the insured’s rights
to claim from the third party in respect of
the loss
To prevent the insured from getting more
than indemnity when he has two or more
avenues to recover his loss
3/18/2022 Haniza/PB502/PSA 11
12. How does subrogation arise?
oSubrogation arising out of tort
oSubrogation arising out of contract
oSubrogation arising out of statute
oSubrogation arising out of subject
matter
3/18/2022 Haniza/PB502/PSA 12
13. 3/18/2022 Haniza/PB502/PSA 13
Abu negligently knocked down Ali’s car
• A third party committed a negligence damages or
destroys a property insured under a policy
• The insured has the rights to recover the loss either
from the policy or the third party
Ali’s car
Abu’s car
14. 3/18/2022 Haniza/PB502/PSA 14
Bank’ ATM Security company
Bank’s money in transit was robbed whilst under the security company’s
custody
• Insured incurred a loss which is also covered under a
contract entered into with a third party
• Eg security company carrying money
15. 3/18/2022 Haniza/PB502/PSA 15
Hotel Guest’s valuables deposited into a bank’s safe box, was lost
whilst under the hotel’s custody
• A statute may grant a person the right to recover a
loss from third party
• Inkeepers Act 1952
16. 3/18/2022 Haniza/PB502/PSA 16
A car was burnt down in an accident and incurred total loss
• When a property is totally destroyed and
the insurer make a total loss payment
• The insurer is entitle to take over the
remaining subject matter of insurance
17. When a loss is covered by two or more policies
An insurer who has indemnified an insured may call
upon other insurers liable for the same loss to contribute
proportionately to the cost of indemnity payment
To prevent the insured from being more than indemnified
Essential elements for contribution to operate :
o Two or more policies of indemnity must be in force
o The policies must cover a common interest
o The policies must cover a common peril which give rise to a loss
o The loss involves a common subject matter covered by the
policies
3/18/2022 Haniza/PB502/PSA 17
19. Dominant cause of loss
Insurer is not liable for uninsured or excluded
peril
o Insured perils : perils which are expressly
covered by a policy
o Uninsured perils : perils not mentioned in the
policy
o Excluded perils : perils which have been
expressly excluded in the policy
3/18/2022 Haniza/PB502/PSA 19
20. Two or more perils including one insured
occurred concurrently and the ensuring loss can
be separated according to the effects – insurer
will be liable for the loss caused by the insured
perils
If loss cannot be separated – insurer will be
liable for the full amount (not excluded perils)
When one of the perils is the excluded peril and
the loss can be separated – insurer will be liable
for the loss caused by the insured peril
If loss cannot be separated – insurer will not be
liable for the loss
3/18/2022 Haniza/PB502/PSA 20
21. When there is an unbroken chain of
events – insurer will be liable for the loss
caused by the insured peril onwards (no
excluded peril)
3/18/2022 Haniza/PB502/PSA 21
25. The proximate cause of loss is the one
immediately following the last interruption
Eg.
A man while crossing a river, falls into the river.
He suffers a heart attack, and subsequently
drowns.
The proximate cause is drowning.
The insurer is liable to pay for the benefits under
the personal accident policy.
3/18/2022 Haniza/PB502/PSA 25