a person can get same subject-matter insured by more than one insurance company. In case of loss he will be, jointly and proportionately, compensated by all insurance companies so that claim amount do not exceed actual loss. This is relevant in non-life insurance.
Say for example; if a person holds two fire insurance policy on same building and he incur a loss of Rs 50,000 due to fire. he can not claim Rs. 50,000 from each insurance company rather both insurance companies will jointly pay Rs.50000 in certain ratio (may be 1:1 or in ratio of their premium or insurance policy amount, etc...)
in case if one insurance company paid whole amount of claim, it has a right to call other company(s) to contribute/pay back their share
insurance works on the principle of indemnity, law of large numbers, principles of utmost faith etc.
insurance principles are the set guiding basis for different type of risks that occurs in every day life.They include:principle of insurable interestprinciple of subjugationprinciple of indemnityprinciple of utmost good faith(uberrima fides)principle of contribution
Federal Insurance Contribution Act.
principle, interest, insurance and taxes
100,000
The principle of indemnity is one of the most important rules in insurance. The principle of subrogation and indemnity protects someone from multiple claims.
The fundamentals of the general insurance is a good topic for a short essay on the principle of insurance.
insurance works on the principle of indemnity, law of large numbers, principles of utmost faith etc.
contribution of megna life insurance
In real estate the principle of contribution is that the value of a component of property depends upon its contribution to the value of the whole property. The cost of an improvement does not necessarily equal the value the component adds to the property.
it is based on the equity principle of common law section 80, of marine insurance act refers to rateable share to strangers may insecure separately but need to contribute in case of a loss to the insecure
The most important contribution of Werner Heisenberg was the discovery of the uncertainty principle.
insurance principles are the set guiding basis for different type of risks that occurs in every day life.They include:principle of insurable interestprinciple of subjugationprinciple of indemnityprinciple of utmost good faith(uberrima fides)principle of contribution
pls supply answer to this questio
war
Federal Insurance Contribution Act.
There has been a great contribution of insurance sector in Indian economy. This has created more jobs and people are taking greater risks in investing and expanding business due to their insurance covers which has boosted the economy.