Archive for the 'News' Category
Principle of Indemnity
The Principle of Indemnity ensures that an insurance payout is designed to compensate the policyholder for financial loss. However, it prevents the insured from profiting from the insurance claim. What is the Principle of Indemnity? Indemnity is one of the main Principles of Insurance. Indemnity in insurance refers to the idea that an insurance policy […]
Principles of Insurance
The Principles of Insurance serve as the foundation for how insurance operates in Ireland. It defines the relationship between the policyholder and the insurance company. These principles help ensure fairness, transparency, reliability, and sustainability in the insurance industry. The main Principles of Insurance include: Utmost Good Faith The Utmost Good Faith principle requires both the […]
Peril
In insurance, a Peril refers to a specific event or cause that may result in a loss or damage to the insured property or individual. It is a particular risk that the insurance policy is designed to cover. Insurance policies typically list the Perils that are covered and those that are excluded. What is a […]
Insurable Interest
Insurable interest refers to a legal and financial concept that determines whether a person or entity has a valid financial interest in the preservation or continued existence of a particular asset or individual. In the context of insurance, it is a crucial principle that helps ensure that insurance policies are based on genuine risk-sharing and […]
Utmost Good Faith
Utmost Good Faith, also known as Uberrimae Fidei, is one of the fundamental Principles of Insurance. The Principle of Utmost Good Faith is explained below. What is Utmost Good Faith? Utmost Good Faith requires both the insurance company and the policyholder to act with the utmost honesty and disclosure when entering into an insurance contract. […]