Licentiate Examination - IC 01 - Principles of Insurance Exam - Important Points
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Duty of disclosure in non-life insurance - In non-life insurance, the contract will stipulate whether changes are to be intimated or not.
Duty of disclosure on insurance companies - The insurance company should declare all the relevant information and benefits of the product to the customer.
Proximate cause - Proximate cause 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.
The dominant, effective or operative cause of an event is known as the proximate cause.
Insurance - A contractual process wherein a person protects his physical assets (such as a car or home) as well as life from certain events or perils by transferring the risk to an insurer.
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