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Hub You - Understand Your Insurance Contract
Contrary to what most people think, it is not necessary to submit your site to the search engines. In the early days of the web, when search engine technology was still primitive and search engines' ability to crawl the web was somehow limited, it made sense to submit your site.Today, search engines like Google, MSN or Yahoo! Search have no problem crawling billions of pages and adding t
In the old days, press releases were published in newspapers. Space limitations meant that only a limited amount of information could appear so journalists could pick and choose what to accept. But with the rise of internet sites where you can submit press releases yourself, it’s become much easier to spread the word about your business.You don’t have to have major, dramatic news to se
Your filling the proposal form and sending it to the insurance company is the ‘offer’ and when the insurance company accepts your proposal it is the ‘acceptance’ part of the concept. The amount you pay as premium is considered as the ‘consideration’ part of the contract. The concept of ‘legal capacity’ also applies to insurance contracts. It requires both the parties to be legally capable of entering a contract. Your insurance contract is based on ‘legal purpose’, which means that the contact is not meant for encouraging illegal activities. The other legal principles that govern the contracts are:
Principle of Indemnity:
This principle requires the insurer to pay an amount, not more than the actual loss suffered, in case of loss. The amount paid as claim by the insurance company should not be more than the sum assured in the insurance contract. The aim is to provide a claim amount that will help the claimant to regain the lost financial position. In some indemnity contracts, the amount payable by the insurance company is subject to the amount of actual loss. Some indemnity contracts also have a provision for the claim to be paid only if the actual loss exceeds a certain amount. For example, in an auto insurance contract of 3000 dollars, you would be eligible for the claim amount only if your actual loss exc
Strong leaders understand that to successfully lead others they must first be able to successfully lead their own lives. Being the leader of your life takes the following: self-awareness, humility, maturity, self-confidence, and objectivity. It also takes the ability to receive criticism from others and accept that you may not always be right or may not always have the best answer. Most of
Principle of Indemnity:
This principle requires the insurer to pay an amount, not more than the actual loss suffered, in case of loss. The amount paid as claim by the insurance company should not be more than the sum assured in the insurance contract. The aim is to provide a claim amount that will help the claimant to regain the lost financial position. In some indemnity contracts, the amount payable by the insurance company is subject to the amount of actual loss. Some indemnity contracts also have a provision for the claim to be paid only if the actual loss exceeds a certain amount. For example, in an auto insurance contract of 3000 dollars, you would be eligible for the claim amount only if your actual loss ex
I cannot stress enough the importance of saving. Putting aside cash for future use, this should be the fundamental mentality that anyone should adopt, if they want to enhance their personal wealth. Only through this way can anybody start accumulating wealth for investment, business or emergency purposes.Sadly, this virtue is not being practiced widely enough by the people of our generati
Principle of Indemnity:
This principle requires the insurer to pay an amount, not more than the actual loss suffered, in case of loss. The amount paid as claim by the insurance company should not be more than the sum assured in the insurance contract. The aim is to provide a claim amount that will help the claimant to regain the lost financial position. In some indemnity contracts, the amount payable by the insurance company is subject to the amount of actual loss. Some indemnity contracts also have a provision for the claim to be paid only if the actual loss exceeds a certain amount. For example, in an auto insurance contract of 3000 dollars, you would be eligible for the claim amount only if your actual loss ex
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Many people are attracted to the benefits of self-employment, from setting your own hours and being your own boss to having control over the development of your business and career. The control over your lifestyle and work is a good reward for the risks involved in setting out on your own.But there are definite challenges involved also. One of the most daunting aspects of self-employment
Insurable Interest
In this insurance cover, the insurance contract covers only those properties or events specified at the time of investment. For example, if you live in your uncle’s house and apply for a homeowners’ insurance, the insurance company will reject the claim, since you are not the owner of the property and do not suffer any personal financial loss in case the house gets damaged.
Principle of Subrogation
The principle of subrogation enables the insured to claim the amount from the third party responsible for the loss. It allows the insurer to pursue legal methods to recover the amount of loss, which the company has paid the insured via the insurance claim. For example, if you get injured in a road accident, due to reckless driving of a third party, the insurance company will compensate your loss and will also sue the third party to recover the money paid as claim.
Doctrine of utmost good faith
This means that both the parties are expected to disclose any information, important to the contract. For example, when applying for life insurance, it is your duty to disclose any permanent ailments that you mi
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