IC38 LIFE INSURANCE AGENT EXAM - Study Notes
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- Life Insurance Contracts are not contracts of Indemnity. Indemnity principle mainly applies to general insurance contracts
- Principle of Indemnity - Click
here for Video - Free-look period - a policyholder, after taking a policy, has the option of cancelling the it, in case of disagreement, within 15 days of receiving the policy document. Premium less expenses and charges will be refunded
- Subrogation: It is the process an insurance company uses to recover claim amounts paid to a policy holder from a negligent third party.
- Subrogation Principle - Click here for Video
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