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Such An Insurance Would Be No More Than A Form Of Betting
Such an insurance would be no more than a form of betting or speculation Another principle safeguarding the insurer is indemnity. This means that the insured is unable to receive more than the amount of his pecuniary loss arising from the event insured against. It would be unfair for an insured person to stand to make a profit out of a burglary If that were possible, there might be more burglaries Therefore, the insurer will often pay the insured loss, allowing for natural depreciation in value. For example, the 'insurer will not pay for a new car after a crash if the damaged model was five years old; the cost of a five - year - old car will be paid out. The insured is not entitled to 'new for old'. Finally, there is the principle of subrogation: This means that the insurer has certain rights to the insured object after the claim has been met.
For example, if a car is severely damaged in a collision, the insurer will pay out for a new one. The insurer then possesses all rights on the damaged vehicle, which may be disposed of (for scrap) to help cover expenses The Insurance Policy The policy is written evidence of an insurance contract. This is a set of documents which state the policy number, the names of the insurer and insured, the amount of the premium, the subject matter of the insurance and the duration of the insurance. These facts have first been determined on a form called a proposal, which sets out specific questions about the purpose of the insurance and the object to be insured.
The proposal form enables the insurer to assess the risk, and the policy is legal proof of the transaction. Any later amendment to the policy is fixed to it and is known as an endorsement The Insurance Market There are about 1400 insurance companies in the UK. Some of these companies only transact life insurance. However, most companies are amalgamated into composite insurance companies which transact most types of insurance. They compete with each other for business, providing differing policies and tariff scales.