IC38 GENERAL INSURANCE AGENT EXAM - Study Notes

In Life insurance, insurable interest should be present at the time of taking the policy. In general insurance, insurable interest should be present both at the time of taking the policy and at the time of claim with some exceptions
Insurable Interest - Watch 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
Proximate cause - a key principle of insurance and is concerned with how the loss or damage actually occurred and whether it is indeed as a result of an insured peril
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

IC38 General Insurance