Foundations of General Insurance

Foundation

Master the fundamental principles that form the bedrock of all General Insurance — Indemnity, Subrogation, Utmost Good Faith, and more. Essential knowledge for every insurance professional.

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8 Sections

What is General Insurance?

General Insurance (also called Non-Life Insurance) is a contract of insurance that provides financial protection against...

10 MCQs5 FAQs

Types of General Insurance

General Insurance encompasses multiple product categories designed to cover different types of risks. The major categori...

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Principle of Indemnity

The Principle of Indemnity states that an insurance contract is designed to restore the insured to the same financial po...

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Utmost Good Faith (Uberrima Fides)

The Principle of Utmost Good Faith (Uberrima Fides) requires both parties to an insurance contract — the insured and the...

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Subrogation

Subrogation is the right of the insurer, after paying a claim, to step into the shoes of the insured and recover the amo...

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Contribution

The Principle of Contribution applies when the same risk is insured with two or more insurers. In such a case, the insur...

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Insurable Interest

Insurable Interest means that the person taking the insurance policy must have a financial interest in the subject matte...

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Proximate Cause

The Principle of Proximate Cause (Causa Proxima) states that in determining whether a loss is covered under an insurance...

10 MCQs5 FAQs