The concept of risk and risk perception -How different risks are categorized. The relationship between frequency and severity of loss - The types of risk that can be insured and the types of risk that cannot - What is meant by a peril, a hazard, and the difference between the two, as they relate to insurance - How the principles are applied to a given set of circumstances?
Common terms used in insurance – terms common to General Insurance - how insurance terms are used e.g. insurance, premium, policy holders, cooperative, endorsements, addition deletion, exclusion, policy conditions, warranties, operative clause, etc.
Principles of Insurance Insurable interest: The requirement for insurable interest in insurance contract - Definition of insurable interest –. Utmost good faith - how the principle of utmost good faith applies to contracts of insurance Proximate Cause: Meaning of proximate cause –How the principle of proximate cause is applied to non-complex claims. Indemnity: How the indemnity principle is applied to contracts of insurance - Contribution: The principle of contribution and when and how it applies to the sharing of claim payments between insurers in straightforward property cases. Subrogation: The principle of subrogation and why it may or may not be pursued in simple circumstances.
Proportional and non-proportional insurance. Facultative insurance and its need
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