In insurance, the conditional contract requires that both parties must perform certain duties and follow rules of conduct to make the contract enforeable. The insured pays premiums and the insurer pays claims when both have complied with conditions.
No.
Yes
You cannot insure a vehicle that does not belong to you. The same for insurer, they cannot sell something that does not belong to them. Vehicle is policyholders under settlement of claim. When policyholder cashes settlement cheque, then becomes insurers property.
Utmost good faith" in insurance means that:1? an insured will trust the insurers implicitly to compensate him in the event of a loss occurring.2? both parties have agreed that a contract will be legally binding.3? the insurers trust the policyholder to pay the required premium at some time after theinsurance cover commences.4? the insured must disclose to the insurers all facts about the risk to be insured, and theinsurers must disclose to the insured full details and terms of the cover to be provided.
Worshipful Company of Insurers was created in 1979.
Association of British Insurers was created in 1985.
Motor Insurers' Bureau was created in 1946.
The population of Motor Insurers' Bureau is 320.
The name for the Arizona State insurers is the Arizona Department of Insurance. Also known as the ADI, The Arizona Department of Insurance is the name for Arizona insurers.
Those other insurers would be the "primary" insurers.
Life contingency refers to the probability of events related to human life, such as survival, death, or longevity. In insurance and actuarial science, life contingencies are used to calculate the financial risks and costs associated with insuring individuals against these events. It helps insurers determine appropriate premiums and reserves to cover policyholder claims.
This are in two groups, external users and internal users. External come from outside the business while internal are from inside the business. Examples of external are insurers, suppliers, customers, government tax auditors, etc while internal accounting users are within the business, thus shareholders, owners of the business