Principles of Insurance: The Backbone of Coverage

Understanding the Fundamental Principles That Govern All Insurance Types

1. What is the meaning of Insurance?

2. What is the need of insurance?

3. What are the 7 Principles of Insurance?

4. Insurance is a contract of uberrimae fidei. Explain.

5. What is meant by material fact in insurance?

6. The insured must have an insurable interest in the subject matter of insurance. How insurable interest is normally established?

7. What is meant by the Principle of indemnity in insurance?

8. What is the meaning of Proximate cause in insurance?

9. What is meant by AOG (Act of God) perils?

10. What is meant by subrogation in insurance?

11. When the Principle of Contribution is applied in insurance?

12. What is meant by Principle of Loss Minimization?

13. What are the various functions of insurance?

14. How does insurance promote economic development of the country?

15. What are the two types of insurance?

16. What are the three broad types of general insurance?

17. What is the meaning of Life Insurance?

18. What is meant by premium?

19. What is the meaning of policy?

20. What is the importance of life insurance?

21. What are the main elements of a life insurance contract?

Whether insurable interest in case of life insurance must be present both at the inception and maturity of the policy? Discuss.
Life insurance is not a contract of indemnity. Discuss.

24. What is meant by Whole life policy?

25. What is the benefit of Annuity Policy?

26. What is the clause which makes child endowment plant unique?

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