PRINCIPLES AND PRACTICE OF GENERAL INSURANCE AND INSURANCE SURVEYS
Principles and Practice of General Insurance:
General insurance refers to insurance policies that protect against losses and damages other than those covered by life insurance. The principles and practices of general insurance include the following:
- Insurable Interest: To take out an insurance policy, the insured must have an insurable interest in the item being insured. This means that the insured must stand to suffer a financial loss if the item is damaged or destroyed.
- Utmost Good Faith: Both the insurer and the insured must deal with each other in good faith. The insured must disclose all material facts to the insurer when applying for insurance, and the insurer must provide all necessary information to the insured.
- Indemnity: The purpose of insurance is to indemnify the insured for the loss suffered due to an insured event. The insured should not be put in a better financial position than they were before the loss occurred.
- Contribution: If an item is insured by multiple insurers, each insurer is liable to contribute to the loss proportionate to the amount of insurance they have provided.
- Subrogation: After an insurer has paid out a claim, they may have the right to take legal action against any third party responsible for the loss. This is known as subrogation.
Insurance Surveys:
Insurance surveys are assessments carried out by insurers to evaluate risks and determine the premiums that should be charged for insurance policies. Insurance surveys can be of various types, including:
- Pre-risk Surveys: These are surveys conducted before the insurance policy is issued to assess the risks associated with the item being insured. Pre-risk surveys are used to determine the premium that should be charged for the policy.
- Mid-term Surveys: These are surveys carried out during the policy period to ensure that the insured has complied with the terms of the policy and that the risks have not changed.
- Loss Surveys: These are surveys carried out after a loss has occurred to assess the extent of the damage and determine the amount of compensation that should be paid.
The aim of insurance surveys is to ensure that the insurer has accurate information about the risks they are insuring, and that the premiums charged are commensurate with the risks involved. Insurance surveys also help insurers to identify any risk mitigation measures that can be taken to reduce the likelihood of a loss occurring.
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