IC38 GENERAL INSURANCE AGENT EXAM - Study Notes
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Watch 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.
- Life Insurance Contracts are not contracts of Indemnity. Indemnity principle mainly applies to general insurance contracts
- Principle of Indemnity - Watch 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
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