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What is the amount of money that the policy holder must pay before the insurance company will reimburse an insured loss?
deductible
How do you get sponsorship to attend a US University if you reside in the UK?
You must get someone to sponsor you, or you must submit proof of the source and ability to pay tuition, fees, and living expenses.
What recourse do I have if an insurance company rejects my car repair quote?
When the insured and the insurer fail to agree on the amount of the loss, both parties are entitled to arbitration. A typical arbitration clause would explain that when the insured and the insurer fail to agree on the amount of the loss, either party may demand an independent appraisal within 60 days of the date of the loss. The insured and the insurer must each select a competent appraiser, and the appraisers in turn must select a competent and disinterested arbitrator.
What is Confidential Life Insurance?
Confidential Life Insurance protects a Third Party for their financial loss in the event of the death of an Insured Person. It must be placed without the knowledge of the Insured Person and as a consequence involves minimal underwriting
Is a yellow insurance card mandatory in Canada?
I am unsure what a Yellow insurance card is. As a Canadian motorist I must have my vehicle insured and have proof of insurance in the car. The paper is pink.
Do you need insurance with a learner's permit?
Yes. All cars on the road have to be insured. If you have a learners permit, then you need to be driving with someone who does have their license and is insured.
Do I have to show proof of insurance if my car was parked when it was hit by another person?
Yes, if the vehicle is registered, in most states, you must have it insured. If the officer asks for proof of insurance, you are required to show it to him. If you do not have it, he may issue you a ticket. It does not matter if the car was in motion or parked.
How do you go about getting a order for probate court?
You must submit a petition for whatever action you want to take.You must submit a petition for whatever action you want to take.You must submit a petition for whatever action you want to take.You must submit a petition for whatever action you want to take.
Why must your car be insured?
liability.
What are 'principles' in life insurance?
FUNDAMENTAL PRINCIPLES OF INSURANCE Some useful terms in Insurance: INDEMNITY A contract of insurance contained in a fire, marine, burglary or any other policy (excepting life assurance and personal accident and sickness insurance) is a contract of indemnity. This means that the insured, in case of loss against which the policy has been issued, shall be paid the actual amount of loss not exceeding the amount of the policy, i.e. he shall be fully indemnified. The object of every contract of insurance is to place the insured in the same financial position, as nearly as possible, after the loss, as if he loss had not taken place at all. It would be against public policy to allow an insured to make a profit out of his loss or damage. UTMOST GOOD FAITH Since insurance shifts risk from one party to another, it is essential that there must be utmost good faith and mutual confidence between the insured and the insurer. In a contract of insurance the insured knows more about the subject matter of the contract than the insurer. Consequently, he is duty bound to disclose accurately all material facts and nothing should be withheld or concealed. Any fact is material, which goes to the root of the contract of insurance and has a bearing on the risk involved. It is only when the insurer knows the whole truth that he is in a position to judge (a) whether he should accept the risk and (b) what premium he should charge.If that were so, the insured might be tempted to bring about the event insured against in order to get money. · Insurable Interest - A contract of insurance effected without insurable interest is void. It means that the insured must have an actual pecuniary interest and not a mere anxiety or sentimental interest in the subject matter of the insurance. The insured must be so situated with regard to the thing insured that he would have benefit by its existence and loss from its destruction. The owner of a ship run a risk of losing his ship, the charterer of the ship runs a risk of losing his freight and the owner of the cargo incurs the risk of losing his goods and profit. So, all these persons have something at stake and all of them have insurable interest. It is the existence of insurable interest in a contract of insurance, which distinguishes it from a mere watering agreement. · Causa Proxima - The rule of causa proxima means that the cause of the loss must be proximate or immediate and not remote. If the proximate cause of the loss is a peril insured against, the insured can recover. When a loss has been brought about by two or more causes, the question arises as to which is the causa proxima, although the result could not have happened without the remote cause. But if the loss is brought about by any cause attributable to the misconduct of the insured, the insurer is not liable. · Risk - In a contract of insurance the insurer undertakes to protect the insured from a specified loss and the insurer receive a premium for running the risk of such loss. Thus, risk must attach to a policy. · Mitigation of Loss - In the event of some mishap to the insured property, the insured must take all necessary steps to mitigate or minimize the loss, just as any prudent person would do in those circumstances. If he does not do so, the insurer can avoid the payment of loss attributable to his negligence. But it must be remembered that though the insured is bound to do his best for his insurer, he is, not bound to do so at the risk of his life. · Subrogation - The doctrine of subrogation is a corollary to the principle of indemnity and applies only to fire and marine insurance. According to it, when an insured has received full indemnity in respect of his loss, all rights and remedies which he has against third person will pass on to the insurer and will be exercised for his benefit until he (the insurer) recoups the amount he has paid under the policy. It must be clarified here that the insurer's right of subrogation arises only when he has paid for the loss for which he is liable under the policy and this right extend only to the rights and remedies available to the insured in respect of the thing to which the contract of insurance relates. · Contribution - Where there are two or more insurance on one risk, the principle of contribution comes into play. The aim of contribution is to distribute the actual amount of loss among the different insurers who are liable for the same risk under different policies in respect of the same subject matter. Any one insurer may pay to the insured the full amount of the loss covered by the policy and then become entitled to contribution from his co-insurers in proportion to the amount which each has undertaken to pay in case of loss of the same subject-matter. In other words, the right of contribution arises when (I) there are different policies which relate to the same subject-matter (ii) the policies cover the same peril which caused the loss, and (iii) all the policies are in force at the time of the loss, and (iv) one of the insurers has paid to the insured more than his share of the loss.
Is your boyfriend insured driving your car?
You need to add him to your insurance or he must have his own. Your boyfriend is not automatically insured.
What exactly is principle of utmost good faith?
Utmost good faith" in insurance means that:1? an insured will trust the insurers implicitly to compensate him in the event of a loss occurring.2? both parties have agreed that a contract will be legally binding.3? the insurers trust the policyholder to pay the required premium at some time after theinsurance cover commences.4? the insured must disclose to the insurers all facts about the risk to be insured, and theinsurers must disclose to the insured full details and terms of the cover to be provided.
