• In Insurance
• Posted December 23, 2021

PRINCIPLES OF INSURANCE CONTRACTS

You ought to know this before buying an insurance policy.Insurance is a contract where by one party assumes risk of another party and undertakes to compensate the other upon occurrence of that risk in consideration for a premium. Insurance is a unique kind of business because it is governed by unique principles. Under this contract there are basically two parties namely the insurer who is the party who assumes risk and the insured who transfers risk.Understanding how insurance contracts work can...