PDF | This chapter examines the characteristics of insurance contracts. Taxmann : Insurance Manual, Taxmann Publication Private Limited 4. George E. Rejda Michael J. MCnamara William H. Rabel Principles of risk ManageMent and insurance A01_REJD0860_14_SE_FM.indd 3 05/01/19 5:36 AM Rajiv Jain : Insurance Law and Practice, Vidhi Publication Private Limited 3. Disability Insurance Disability insurance, also known as disability income insurance, is another type of medical coverage. Aging of the US and associated insurance products: annuities and long-term care insurance 11. insurance plan or a “one-size-fits-all” policy. Which of the following risks are considered insurable risks? Hence there are certain principles that are important to ensure the validity of the contract. Both parties must abide by these principles. UnIt 1 Principles of Insurance 1. Insurance activity in virtual worlds such as Second Life 9. In many states, insurance adjusters must also be licensed. Elements of a Valid Contract 16 Characteristics of an Insurance Contract 18 5. Every company must hold a state business license, and every agent must hold a license to sell insurance in the state. Dr. Avtar Singh : Law of Insurance, Universal Publication Pvt. Insurance Act defines fire insurance as follows: ―Fire insurance business means the business of effecting, otherwise than incidentally to some other class of business, contracts of insurance against loss by or incidental to fire or other occurrence customarily included among the risks insured against in fire insurance policies.‖ Principle of Uberrimae fidei (a Latin phrase), or in simple english words, the Principle of Utmost Good Faith, is a very basic and first primary principle of insurance.According to this principle, the insurance contract must be signed by both parties … Notes By Rwubahuka Jean Claude, MBA-IB, MSc. The insurance department has the authority to issue, renew, suspend and revoke licenses. Objectives of this Course 2 Risk, Exposure 2 Managing Risk 3 Insurance 4 Law of Large Numbers 5 Elements of Insurability 5 Other Insurance Terms 8 Unit Test 10 Answers and Rationales to Unit Test 12. Bharat : Manual of insurance Laws, Bharat Publication Private limited 5. 1] Utmost Good Faith. Principles of Insurance. UnIt 2 the Insurance Contract 1. A contract of insurance must be made based on utmost good faith ( a contract of uberrimate fidei). Srinivasan : Principles of Insurance Law, Wadhwa & Co. 2. You will need to compare costs and benefits before choosing a plan. I. Static Risks II. In this way, each state can keep track of and maintain its standards E: rwubahukajc@gmail.com, T: 0788427626, Website: www.de250.com PRINCIPLES OF RISK MANAGEMENT AND INSURANCE CLASS NOTES Chapter 2 The Insurance Mechanism Review questions 1. Dynamic Risks III. Fin.&Bank, BBA Fin. Climate change and the insurance industry (good info: Evan Mills and Geneva Association) 10. 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