INSURANCE PRINCIPLES WE MUST KNOW
INSURANCE PRINCIPLES WE MUST KNOW 1 . Insurable Interest ( Interest to be Insured ) Is someone who insures must have an interest in the insurable property ( object ). The insured object must also be legal and not violate the law and belong to the proper category . If there is an accident or problem that causes the object in question to be damaged , the insurer will get financial compensation 2 . Utmost Good Faith Actions to disclose accurately and completely , all material facts ( material fact ) regarding something that will be insured whether requested or not . This means that an insurer must be honest and open in providing clear and correct related information on everything about the insured object . This insurance principle also explains the risks that are guarant