Licentiate Examination - IC 01 - Principles of Insurance Exam - Important Points

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  • General Average - loss caused by extraordinary sacrifice or expenditure voluntarily and reasonably made or incurred at the time of peril for the purpose of preserving property imperilled in the common adventure.
  • Particular Average - partial loss caused by a peril insured against and is not a general average loss.
  • Except for Marine Cargo Insurance, All Insurance Transactions begin with a Proposal.
  • Insurance Documentation given to an Insured, will include Information, detailing the Subject-Matter of Insurance, the Sum-Assured, Any Endorsements, the Term of the Contract, Exclusions and Any Other Conditions attached to the Policy
  • Life Assurance Policies have Options of Limited Payment, where, Premium are paid for a Short Period of Time; or Single Payment, where, the Entire Premium is paid at the Start of the Policy.

IC01 PRINCIPLES OF INSURANCE

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