IC38 GENERAL INSURANCE AGENT EXAM - Study Notes

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  • Proximate Cause- video 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 - video 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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IC38 General Insurance

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