IC38 LIFE INSURANCE AGENT EXAM - Study Notes
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- Insurable Interest - Click
here for Video - Subject matter of insurance relates to property being insured against, which has an intrinsic value of its own. Subject matter of an insurance contract on the other hand is the insured's financial interest in that property. It is only when the insured has such an interest in the property that he/she has the legal right to insure.
- Proximate cause - It is defined as the active and efficient cause that sets in motion a chain of events which brings about a result, without the intervention of any force started and working actively from a new and independent source
- Proximate Cause - Click here for Video
- Principle of Indemnity implies that insurance will restore the financial situation of the insured to where it was before the event which caused the loss or damage.
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