In this course we will go deeper in the study of the principles and types of insurable hazards in order to understand the insurance so that we can…
In this course we will go deeper in the study of the principles and types of insurable hazards in order to understand the insurance so that we can choose the appropriate one for our situation. We will also distinguish differences between insurance and gambling.
Skills you’ll gain
Casualty InsuranceInsurance LawInsurance PoliciesInsurance Regulatory LawProperty And Casualty UnderwritingRisk SelectionWhat You'll Learn
- Identify the principles and types of insurable hazards to understand insurance and choose the one appropriate for your situation
- Distinguish the differences between insurance and gambling
- Examine the technical foundations of insurance and what counts as insurable dangers
- Apply the six basic principles of insurance: insurable interest, utmost good faith, compensation, subsidiary, contribution, and proximate cause
- Recognize who holds insurable interest and identify the essential facts that must be disclosed in good faith
- Explain how compensation is paid and the terms and implications of applying the principle of subsidiary
Key Takeaways
- The course studies the principles and types of insurable hazards so learners can choose the appropriate insurance for their situation.
- Insurance can be distinguished from gambling, and the course covers the differences between the two.
- The course presents six basic principles of insurance: insurable interest, the absolute principle of good faith, compensation, subsidiary, contribution, and proximate (direct) cause.
- The principle of utmost good faith requires disclosure of the essential truths or facts, which the course illustrates with examples.
- Each principle, including compensation, subsidiary, contribution, and proximate cause, is explained with terms, implications, or worked examples.
Frequently Asked Questions
What does this course cover?
It covers the principles and types of insurable hazards, the technical foundations of insurance, the difference between insurance and gambling, and the six basic principles of insurance: insurable interest, the absolute principle of good faith, compensation, subsidiary, contribution, and proximate (direct) cause.
What are the six principles of insurance taught in this course?
The six principles are insurable interest, the absolute principle of good faith, the principle of compensation, the principle of subsidiary, the principle of contribution, and the proximate (direct) cause principle.
Will this course explain the difference between insurance and gambling?
Yes. The course distinguishes the differences between insurance and gambling, including a dedicated lesson on the topic.
What skills does this course relate to?
It relates to casualty insurance, insurance law, insurance policies, insurance regulatory law, property and casualty underwriting, and risk selection.
Does the course use examples to teach the principles?
Yes. It includes examples of those who have insurable interest, examples of essential facts, and worked examples for the principles of compensation, contribution, and proximate (direct) cause.
Transcript
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Principles of Insurance Introduction Welcome to Principles of Insurance course from KnowledgeCity In this course we will learn about the most important principles of insurance risks that are coverable by insurance and the difference between insurance and gambling Then, we will explain each of the six insurance principles in details to get a complete idea about them all
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