Insurance is one of the main forms of risk management. An insurance policy is a contract that guarantees payment for an uncertain future event. The insured or policyholder pays a small premium to the insurer in exchange for protection against a large financial loss from that uncertain event.
Having health insurance, for example, can make it easier to pay for medical services, and it can reduce the amount of paperwork required at the time of service. Similarly, an insured car can mean less time spent filling out financial paperwork when the vehicle is repaired or sold. Find out https://courses.pnclearning.com/courses/caib-1
Understanding the fundamentals of insurance is essential for anyone who plans to enter the industry. Whether you are a student looking to study insurance or an experienced professional seeking a refresher on the basics, this article can help. It outlines the fundamentals of insurance and its principles, and explains what coverages are available.
Insuring Your Tomorrow: A Deep Dive into the Fundamentals of Insurance
There are seven insurance principles that must be upheld in a contract between an insurer and a policyholder. These include utmost good faith, insurable interest, proximate cause, indemnity, subrogation and contribution.
The book provides a comprehensive overview of all aspects of insurance coverage law and basic insurance concepts, including government regulation, claims handling, insurer bad faith, and policy interpretation. It also provides insight into particular lines of insurance, such as excess, umbrella and reinsurance. It resists the excessive condensation and tiny typeface that characterize so many other books on this subject while remaining clear and concise.