What are the eight cannons promises in insurance?

Answer 1

The Eight Cannons of Insurance are principles that guide the insurance industry to ensure ethical practices and customer trust. They include: 1) Promise of Compensation - ensuring claims are paid fairly; 2) Promise of Protection - providing security against risks; 3) Promise of Transparency - clear communication about policies; 4) Promise of Equity - fair treatment of all clients; 5) Promise of Accessibility - easy access to services; 6) Promise of Quality - maintaining high standards in service; 7) Promise of Responsiveness - addressing customer needs promptly; and 8) Promise of Sustainability - promoting responsible practices for future generations. These principles aim to foster trust and reliability in the insurance sector.