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The 7 Basic Principles of Insurance
Manage episode 425181284 series 3528069
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π Understanding the 7 Basic Principles of Insurance π Join us on The Insured Podcast, brought to you by TS Media Zambia, as we break down the essential principles that form the foundation of insurance: 1. Insurable Interest: The insured must have a stake in the insured item. 2. Utmost Good Faith: Both parties must disclose all relevant information honestly. 3. Proximate Cause: Only the nearest cause of the loss is considered for claims. 4. Indemnity: Insurance aims to restore you to the financial position you were in before the loss. 5. Subrogation: The insurer can take legal action on behalf of the insured to recover losses. 6. Contribution: If multiple policies cover a loss, insurers share the burden. 7. Loss Minimization: The insured must take reasonable steps to minimize the loss. Tune in to our latest episode to learn more about these principles and why they are crucial for effective insurance coverage! ποΈπ #TheInsuredPodcast #InsurancePrinciples #TSMediaZambia #FinancialProtection #StayInformed --- Send in a voice message: https://podcasters.spotify.com/pod/show/tsmedia-zambia/message
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