Summary
Insurance is based on a number of common law principles that have been followed for hundreds of years. In order to better understand how insurance works it is important to understand these principles and how they underpin insurance as we know it today.
The principles
There are 7 principles of insurance and during this course we will look at each one, ensuring that we cover the practical application of each of the principles to ensure full understanding. This is an interactive course that includes quizzes, scenarios and problem solving to embed learning. The course is ideally suited to those who are new to insurance and want a better understanding of how the principles of insurance are applied on a day to day basis.
What we will cover
- Understand Insurable Interest & its place in insurance
- Understand the principle of Good Faith & its relation to legislation
- Understand what proximate cause is & how it relates to claims in insurance
- Understand the principle of indemnity & how it differs from reinstatement
- Understand the principle of contribution & how it may arise
- Understand what subrogation is and how it applies to insurance
By the end of this course you will:
Demonstrate a good understanding of each principle and how it relates to the insurance you will be transacting.
Know better how to apply the principles of insurance to your day to day tasks
Understand the principles of insurance and how they apply
