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Insurance

Principle of indemnity

In the realm of insurance, there exists a doctrine that sets a cap on the amount an insured individual can receive - the actual cash value of their insured property. This principle aims to provide fair compensation, taking into account the depreciation and wear and tear of the property. This limitation is a crucial aspect to consider in the world of finance, as it can greatly impact an individual's financial recovery after a loss.

Evidence of Insurability

Insurance companies consider various factors when determining whether to accept an applicant for insurance. These include the individual's physical condition and occupation....

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Aleatory contract

An aleatory contract is a binding agreement in which the outcome is determined by an uncertain event. This type of contract is commonly used in the insurance industry, where...

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Primary company

Reinsurance, a common practice in the insurance industry, refers to the transfer of risk from one insurance company to another. The reinsurer, often a larger and more financ...

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Facultative reinsurance

Reinsurance is a crucial aspect of the insurance industry, ensuring that insurers are protected against large or unique risks. Facultative reinsurance is a specific type of ...

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