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Insurance: (Concepts: (Average clause, Excess, Security, Re-insurance,…
Insurance:
Contract of utmost good faith
Assurance:
Risk that is certain
Types:
Life Assurance
Disability cover
Securities
Non-compulsory Insurable Risks:
Fidelity
Liability
Money in transit
Crop
All weather (home)
Group life cover
Vehicle
Loss of income
Fire
Insurable Risks:
Inflation
Change in fashion
Compulsory Insurance:
COIDA
UIF
RAF
Requirements - Valid Insurance Contract:
Good faith/Absolute honesty
Insurable interest
Additional:
Intention to bind
Executable
Contractual capacity
Obligation
Legally binding
Communication of intent
Concepts:
Average clause
Excess
Security
Re-insurance
Indemnification
Proximate Clause
Subrogation
Cession
Paid-up value
Surrender value
Formula - Underinsured
Advantages:
Protects from insurable loss
Indemnification
Disadvantages:
Sneaky insurers
Expensive
Advantages:
Ceded for loan
Security
Disadvantages:
High admin fee
Sneaky conditions