The business of insurance aims to protect the economic value of assets or life of a person. Through a contract of insurance the insurer agrees to make good any loss on the insured property or loss of life (as the case may be) that may occur in course of time in consideration for a small premium to be paid by the insured.
Apart from the above essentials of a valid contract, insurance contracts are subject to additional principles. These are:
No comments:
Post a Comment