General Insurance · beginner
Foundations of General Insurance
The ideas every general insurance policy rests on: what general insurance is and its main types, and the principles of indemnity, utmost good faith, insurable interest, subrogation, contribution and proximate cause.
- 01What is General Insurance?What general (non-life) insurance is, how a policy works from premium to claim, who regulates it, which cover the law makes compulsory, and what happens when a policy is not renewed.
- 02Types of General InsuranceThe main product lines of general insurance — what each one protects, which covers the law makes compulsory, and what a Point of Sales Person may sell.
- 03Principle of IndemnityThe principle of indemnity — putting the insured back where they stood financially before the loss — and the tools that apply it: market value and depreciation, the average clause, the surveyor, and the agreed relaxation of reinstatement value.
- 04Utmost Good Faith (Uberrima Fides)The duty of utmost good faith (uberrima fides): why insurance asks for more honesty than an ordinary contract, what a material fact is, what each side owes the other, and what follows when the duty is broken.
- 05SubrogationSubrogation: how an insurer that has paid a claim takes over the insured's rights against the person responsible, why this follows from indemnity, how any recovery is shared, and what the insured must do to keep those rights alive.
- 06ContributionContribution: what happens when the same risk is insured with more than one insurer, how the loss is shared between them, how health policies handle it differently, and why it never applies to life insurance.
- 07Insurable InterestInsurable interest: the financial stake a person needs in what is insured, why insurance without it is treated as a wager, who has such an interest, and when it must exist in different classes of insurance.
- 08Proximate CauseProximate cause: how the dominant, effective cause of a loss is identified when several events lead up to it, how insured and excluded perils in the chain are treated, and who decides when the cause is disputed.