This document outlines seven key principles of insurance: utmost good faith, insurable interest, indemnity, contribution, subrogation, loss minimization, and nearest cause. It provides examples and explanations of each principle, including how insurable interest requires a financial stake in the insured object or loss, utmost good faith requires full disclosure, indemnity provides compensation for loss rather than profit, and contribution and subrogation determine payment among multiple insurers. The principles of loss minimization and nearest cause also guide determining responsibility and liability.
Hi guys! I have uploaded the power point presentation for Principles of Insurance, If any one has queries in regards to this topic, you can comment below,
Thanks!
Sanmeet.
Hi guys! I have uploaded the power point presentation for Principles of Insurance, If any one has queries in regards to this topic, you can comment below,
Thanks!
Sanmeet.
,
marine insurance
,
types of marine insurance policy
,
features of marine ins. contract
,
marine perils
,
general average loss vs particular average loss
,
differences bet. the marine and fire ins
Definition and basic characteristics of insurance. Requirements of an insurable risk. Types of insurance. Benefits and Costs of insurance to society. Fundamental legal principles of insurance. Functions of insurer. IRDA and recent trends in insurance sector in India.
,
marine insurance
,
types of marine insurance policy
,
features of marine ins. contract
,
marine perils
,
general average loss vs particular average loss
,
differences bet. the marine and fire ins
Definition and basic characteristics of insurance. Requirements of an insurable risk. Types of insurance. Benefits and Costs of insurance to society. Fundamental legal principles of insurance. Functions of insurer. IRDA and recent trends in insurance sector in India.
Unveiling the Secrets How Does Generative AI Work.pdfSam H
At its core, generative artificial intelligence relies on the concept of generative models, which serve as engines that churn out entirely new data resembling their training data. It is like a sculptor who has studied so many forms found in nature and then uses this knowledge to create sculptures from his imagination that have never been seen before anywhere else. If taken to cyberspace, gans work almost the same way.
"𝑩𝑬𝑮𝑼𝑵 𝑾𝑰𝑻𝑯 𝑻𝑱 𝑰𝑺 𝑯𝑨𝑳𝑭 𝑫𝑶𝑵𝑬"
𝐓𝐉 𝐂𝐨𝐦𝐬 (𝐓𝐉 𝐂𝐨𝐦𝐦𝐮𝐧𝐢𝐜𝐚𝐭𝐢𝐨𝐧𝐬) is a professional event agency that includes experts in the event-organizing market in Vietnam, Korea, and ASEAN countries. We provide unlimited types of events from Music concerts, Fan meetings, and Culture festivals to Corporate events, Internal company events, Golf tournaments, MICE events, and Exhibitions.
𝐓𝐉 𝐂𝐨𝐦𝐬 provides unlimited package services including such as Event organizing, Event planning, Event production, Manpower, PR marketing, Design 2D/3D, VIP protocols, Interpreter agency, etc.
Sports events - Golf competitions/billiards competitions/company sports events: dynamic and challenging
⭐ 𝐅𝐞𝐚𝐭𝐮𝐫𝐞𝐝 𝐩𝐫𝐨𝐣𝐞𝐜𝐭𝐬:
➢ 2024 BAEKHYUN [Lonsdaleite] IN HO CHI MINH
➢ SUPER JUNIOR-L.S.S. THE SHOW : Th3ee Guys in HO CHI MINH
➢FreenBecky 1st Fan Meeting in Vietnam
➢CHILDREN ART EXHIBITION 2024: BEYOND BARRIERS
➢ WOW K-Music Festival 2023
➢ Winner [CROSS] Tour in HCM
➢ Super Show 9 in HCM with Super Junior
➢ HCMC - Gyeongsangbuk-do Culture and Tourism Festival
➢ Korean Vietnam Partnership - Fair with LG
➢ Korean President visits Samsung Electronics R&D Center
➢ Vietnam Food Expo with Lotte Wellfood
"𝐄𝐯𝐞𝐫𝐲 𝐞𝐯𝐞𝐧𝐭 𝐢𝐬 𝐚 𝐬𝐭𝐨𝐫𝐲, 𝐚 𝐬𝐩𝐞𝐜𝐢𝐚𝐥 𝐣𝐨𝐮𝐫𝐧𝐞𝐲. 𝐖𝐞 𝐚𝐥𝐰𝐚𝐲𝐬 𝐛𝐞𝐥𝐢𝐞𝐯𝐞 𝐭𝐡𝐚𝐭 𝐬𝐡𝐨𝐫𝐭𝐥𝐲 𝐲𝐨𝐮 𝐰𝐢𝐥𝐥 𝐛𝐞 𝐚 𝐩𝐚𝐫𝐭 𝐨𝐟 𝐨𝐮𝐫 𝐬𝐭𝐨𝐫𝐢𝐞𝐬."
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
Discover the innovative and creative projects that highlight my journey throu...dylandmeas
Discover the innovative and creative projects that highlight my journey through Full Sail University. Below, you’ll find a collection of my work showcasing my skills and expertise in digital marketing, event planning, and media production.
Memorandum Of Association Constitution of Company.pptseri bangash
www.seribangash.com
A Memorandum of Association (MOA) is a legal document that outlines the fundamental principles and objectives upon which a company operates. It serves as the company's charter or constitution and defines the scope of its activities. Here's a detailed note on the MOA:
Contents of Memorandum of Association:
Name Clause: This clause states the name of the company, which should end with words like "Limited" or "Ltd." for a public limited company and "Private Limited" or "Pvt. Ltd." for a private limited company.
https://seribangash.com/article-of-association-is-legal-doc-of-company/
Registered Office Clause: It specifies the location where the company's registered office is situated. This office is where all official communications and notices are sent.
Objective Clause: This clause delineates the main objectives for which the company is formed. It's important to define these objectives clearly, as the company cannot undertake activities beyond those mentioned in this clause.
www.seribangash.com
Liability Clause: It outlines the extent of liability of the company's members. In the case of companies limited by shares, the liability of members is limited to the amount unpaid on their shares. For companies limited by guarantee, members' liability is limited to the amount they undertake to contribute if the company is wound up.
https://seribangash.com/promotors-is-person-conceived-formation-company/
Capital Clause: This clause specifies the authorized capital of the company, i.e., the maximum amount of share capital the company is authorized to issue. It also mentions the division of this capital into shares and their respective nominal value.
Association Clause: It simply states that the subscribers wish to form a company and agree to become members of it, in accordance with the terms of the MOA.
Importance of Memorandum of Association:
Legal Requirement: The MOA is a legal requirement for the formation of a company. It must be filed with the Registrar of Companies during the incorporation process.
Constitutional Document: It serves as the company's constitutional document, defining its scope, powers, and limitations.
Protection of Members: It protects the interests of the company's members by clearly defining the objectives and limiting their liability.
External Communication: It provides clarity to external parties, such as investors, creditors, and regulatory authorities, regarding the company's objectives and powers.
https://seribangash.com/difference-public-and-private-company-law/
Binding Authority: The company and its members are bound by the provisions of the MOA. Any action taken beyond its scope may be considered ultra vires (beyond the powers) of the company and therefore void.
Amendment of MOA:
While the MOA lays down the company's fundamental principles, it is not entirely immutable. It can be amended, but only under specific circumstances and in compliance with legal procedures. Amendments typically require shareholder
Cracking the Workplace Discipline Code Main.pptxWorkforce Group
Cultivating and maintaining discipline within teams is a critical differentiator for successful organisations.
Forward-thinking leaders and business managers understand the impact that discipline has on organisational success. A disciplined workforce operates with clarity, focus, and a shared understanding of expectations, ultimately driving better results, optimising productivity, and facilitating seamless collaboration.
Although discipline is not a one-size-fits-all approach, it can help create a work environment that encourages personal growth and accountability rather than solely relying on punitive measures.
In this deck, you will learn the significance of workplace discipline for organisational success. You’ll also learn
• Four (4) workplace discipline methods you should consider
• The best and most practical approach to implementing workplace discipline.
• Three (3) key tips to maintain a disciplined workplace.
Enterprise Excellence is Inclusive Excellence.pdfKaiNexus
Enterprise excellence and inclusive excellence are closely linked, and real-world challenges have shown that both are essential to the success of any organization. To achieve enterprise excellence, organizations must focus on improving their operations and processes while creating an inclusive environment that engages everyone. In this interactive session, the facilitator will highlight commonly established business practices and how they limit our ability to engage everyone every day. More importantly, though, participants will likely gain increased awareness of what we can do differently to maximize enterprise excellence through deliberate inclusion.
What is Enterprise Excellence?
Enterprise Excellence is a holistic approach that's aimed at achieving world-class performance across all aspects of the organization.
What might I learn?
A way to engage all in creating Inclusive Excellence. Lessons from the US military and their parallels to the story of Harry Potter. How belt systems and CI teams can destroy inclusive practices. How leadership language invites people to the party. There are three things leaders can do to engage everyone every day: maximizing psychological safety to create environments where folks learn, contribute, and challenge the status quo.
Who might benefit? Anyone and everyone leading folks from the shop floor to top floor.
Dr. William Harvey is a seasoned Operations Leader with extensive experience in chemical processing, manufacturing, and operations management. At Michelman, he currently oversees multiple sites, leading teams in strategic planning and coaching/practicing continuous improvement. William is set to start his eighth year of teaching at the University of Cincinnati where he teaches marketing, finance, and management. William holds various certifications in change management, quality, leadership, operational excellence, team building, and DiSC, among others.
Buy Verified PayPal Account | Buy Google 5 Star Reviewsusawebmarket
Buy Verified PayPal Account
Looking to buy verified PayPal accounts? Discover 7 expert tips for safely purchasing a verified PayPal account in 2024. Ensure security and reliability for your transactions.
PayPal Services Features-
🟢 Email Access
🟢 Bank Added
🟢 Card Verified
🟢 Full SSN Provided
🟢 Phone Number Access
🟢 Driving License Copy
🟢 Fasted Delivery
Client Satisfaction is Our First priority. Our services is very appropriate to buy. We assume that the first-rate way to purchase our offerings is to order on the website. If you have any worry in our cooperation usually You can order us on Skype or Telegram.
24/7 Hours Reply/Please Contact
usawebmarketEmail: support@usawebmarket.com
Skype: usawebmarket
Telegram: @usawebmarket
WhatsApp: +1(218) 203-5951
USA WEB MARKET is the Best Verified PayPal, Payoneer, Cash App, Skrill, Neteller, Stripe Account and SEO, SMM Service provider.100%Satisfection granted.100% replacement Granted.
Premium MEAN Stack Development Solutions for Modern BusinessesSynapseIndia
Stay ahead of the curve with our premium MEAN Stack Development Solutions. Our expert developers utilize MongoDB, Express.js, AngularJS, and Node.js to create modern and responsive web applications. Trust us for cutting-edge solutions that drive your business growth and success.
Know more: https://www.synapseindia.com/technology/mean-stack-development-company.html
Digital Transformation and IT Strategy Toolkit and TemplatesAurelien Domont, MBA
This Digital Transformation and IT Strategy Toolkit was created by ex-McKinsey, Deloitte and BCG Management Consultants, after more than 5,000 hours of work. It is considered the world's best & most comprehensive Digital Transformation and IT Strategy Toolkit. It includes all the Frameworks, Best Practices & Templates required to successfully undertake the Digital Transformation of your organization and define a robust IT Strategy.
Editable Toolkit to help you reuse our content: 700 Powerpoint slides | 35 Excel sheets | 84 minutes of Video training
This PowerPoint presentation is only a small preview of our Toolkits. For more details, visit www.domontconsulting.com
Skye Residences | Extended Stay Residences Near Toronto Airportmarketingjdass
Experience unparalleled EXTENDED STAY and comfort at Skye Residences located just minutes from Toronto Airport. Discover sophisticated accommodations tailored for discerning travelers.
Website Link :
https://skyeresidences.com/
https://skyeresidences.com/about-us/
https://skyeresidences.com/gallery/
https://skyeresidences.com/rooms/
https://skyeresidences.com/near-by-attractions/
https://skyeresidences.com/commute/
https://skyeresidences.com/contact/
https://skyeresidences.com/queen-suite-with-sofa-bed/
https://skyeresidences.com/queen-suite-with-sofa-bed-and-balcony/
https://skyeresidences.com/queen-suite-with-sofa-bed-accessible/
https://skyeresidences.com/2-bedroom-deluxe-queen-suite-with-sofa-bed/
https://skyeresidences.com/2-bedroom-deluxe-king-queen-suite-with-sofa-bed/
https://skyeresidences.com/2-bedroom-deluxe-queen-suite-with-sofa-bed-accessible/
#Skye Residences Etobicoke, #Skye Residences Near Toronto Airport, #Skye Residences Toronto, #Skye Hotel Toronto, #Skye Hotel Near Toronto Airport, #Hotel Near Toronto Airport, #Near Toronto Airport Accommodation, #Suites Near Toronto Airport, #Etobicoke Suites Near Airport, #Hotel Near Toronto Pearson International Airport, #Toronto Airport Suite Rentals, #Pearson Airport Hotel Suites
Implicitly or explicitly all competing businesses employ a strategy to select a mix
of marketing resources. Formulating such competitive strategies fundamentally
involves recognizing relationships between elements of the marketing mix (e.g.,
price and product quality), as well as assessing competitive and market conditions
(i.e., industry structure in the language of economics).
2. SEVEN PRINCIPLES OF INSURANCE
•Principle of Uberrimae fidei (Utmost Good
Faith),
•Principle of Insurable Interest,
•Principle of Indemnity,
•Principle of Contribution,
•Principle of Subrogation,
•Principle of Loss Minimization, and
•Principle of Causa Proxima (Nearest Cause).
3. 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 some gain but its non-existence will give
him a loss. In simple words, the insured
person must suffer some financial loss by the
damage of the insured object.
Contd.
4. PRINCIPLE OF UBERRIMAE FIDEI (UTMOST
GOOD FAITH)
Principle of Uberrimae fidei (a Latin phrase), or in
simple english words, the Principle of Utmost
Good Faith, is a very basic and first primary
principle of insurance. According to this principle,
the insurance contract must be signed by both
parties (i.e insurer and insured) in an absolute
good faith or belief or trust.
5. PRINCIPLE OF UBERRIMAE FIDEI (UTMOST
GOOD FAITH
The person getting insured must willingly disclose
and surrender to the insurer his complete true
information regarding the subject matter of insurance.
The insurer's liability gets void (i.e legally revoked or
cancelled) if any facts, about the subject matter of
insurance are either omitted, hidden, falsified or
presented in a wrong manner by the insured.
The principle of Uberrimae fidei applies to all types of
insurance contracts.
6. PRINCIPLE OF UBERRIMAE FIDEI (UTMOST
GOOD FAITH
For example :- The owner of a taxicab has
insurable interest in the taxicab because he
is getting income from it. But, if he sells it, he
will not have an insurable interest left in that
taxicab.
From above example, we can conclude
that, ownership plays a very crucial role in
evaluating insurable interest.
7. PRINCIPLE OF INDEMNITY
Indemnity means security, protection and
compensation given against damage, loss or
injury.
According to the principle of indemnity, an
insurance contract is signed only for getting
protection against unpredicted financial losses
arising due to future uncertainties. Insurance
contract is not made for making profit else its
sole purpose is to give compensation in case of
any damage or loss.
8. PRINCIPLE OF CONTRIBUTION
Principle of Contribution is a corollary of the
principle of indemnity. It applies to all contracts
of indemnity, if the insured has taken out more
than one policy on the same subject matter.
According to this principle, the insured can claim
the compensation only to the extent of actual
loss either from all insurers or from any one
insurer. If one insurer pays full compensation
then that insurer can claim proportionate claim
from the other insurers.
9. PRINCIPLE OF CONTRIBUTION
For example :- Mr. John insures his property
worth $ 100,000 with two insurers "AIG Ltd."
for $ 90,000 and "MetLife Ltd." for $ 60,000.
John's actual property destroyed is worth $
60,000, then Mr. John can claim the full loss
of $ 60,000 either from AIG Ltd. or MetLife
Ltd., or he can claim $ 36,000 from AIG Ltd.
and $ 24,000 from Metlife Ltd.
10. PRINCIPLE OF CONTRIBUTION
So, if the insured claims full amount of
compensation from one insurer then he
cannot claim the same compensation from
other insurer and make a profit. Secondly, if
one insurance company pays the full
compensation then it can recover the
proportionate contribution from the other
insurance company.
11. PRINCIPLE OF SUBROGATION
Subrogation means substituting one creditor for
another.
Principle of Subrogation is an extension and
another corollary of the principle of indemnity. It
also applies to all contracts of indemnity.
According to the principle of subrogation, when
the insured is compensated for the losses due
to damage to his insured property, then the
ownership right of such property shifts to the
insurer.
12. PRINCIPLE OF SUBROGATION
This principle is applicable only when the
damaged property has any value after the
event causing the damage. The insurer can
benefit out of subrogation rights only to the
extent of the amount he has paid to the
insured as compensation.
13. PRINCIPLE OF SUBROGATION
For example :- Mr. John insures his house for $ 1
million. The house is totally destroyed by the
negligence of his neighbour Mr.Tom. The insurance
company shall settle the claim of Mr. John for $ 1
million. At the same time, it can file a law suit against
Mr.Tom for $ 1.2 million, the market value of the
house. If insurance company wins the case and
collects $ 1.2 million from Mr. Tom, then the
insurance company will retain $ 1 million (which it has
already paid to Mr. John) plus other expenses such
as court fees. The balance amount, if any will be
given to Mr. John, the insured.
14. PRINCIPLE OF LOSS MINIMIZATION
According to the Principle of Loss Minimization,
insured must always try his level best to
minimize the loss of his insured property, in
case of uncertain events like a fire outbreak or
blast, etc. The insured must take all possible
measures and necessary steps to control and
reduce the losses in such a scenario. The
insured must not neglect and behave
irresponsibly during such events just because
the property is insured. Hence it is a
responsibility of the insured to protect his
insured property and avoid further losses.
15. PRINCIPLE OF LOSS MINIMIZATION
For example :- Assume, Mr. John's house is
set on fire due to an electric short-circuit. In
this tragic scenario, Mr. John must try his
level best to stop fire by all possible
means, like first calling nearest fire
department office, asking neighbours for
emergency fire extinguishers, etc. He must
not remain inactive and watch his house
burning hoping, "Why should I worry? I've
insured my house."
16. PRINCIPLE OF CAUSA PROXIMA (NEAREST
CAUSE)
means when a loss is caused by more than
one causes, the proximate or the nearest or
the closest cause should be taken into
consideration to decide the liability of the
insurer.
The principle states that to find out whether
the insurer is liable for the loss or not, the
proximate (closest) and not the remote
(farest) must be looked into.
17. PRINCIPLE OF CAUSA PROXIMA (NEAREST
CAUSE)
For example :- A cargo ship's base was punctured due to
rats and so sea water entered and cargo was damaged.
Here there are two causes for the damage of the cargo
ship - (i) The cargo ship getting punctured beacuse of
rats, and (ii) The sea water entering ship through
puncture. The risk of sea water is insured but the first
cause is not. The nearest cause of damage is sea water
which is insured and therefore the insurer must pay the
compensation.
However, in case of life insurance, the principle of Causa
Proxima does not apply. Whatever may be the reason of
death (whether a natural death or an unnatural death) the
insurer is liable to pay the amount of insurance.