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PRINCIPLES OF INSURANCE

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The fundamental principles of insurance are common in all types of insurance contracts with the exception of the principle of indemnity which is not applicable to life insurance contract. Following principles of insurance are applicable in insurance contracts. 1. Principle of utmost good-faith All the material, facts and information relating to proposed contract should supplied by each party to others in true and correct manner which helps to enter in to a contract and proves as a legality. Insurer and insured both are under an obligation to disclose relevant material information which may effect the decision of each other. All the insurance contract based upon mutual trust and confidence between the insurers and insured. Utmost good faith requires each party to tell others “The truth, the whole truth and nothing but the truth”. If at any time, it is found that the insured has closed some material facts, the contract of insurance becomes avoidab...
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God's Grace

       To choose something from this experience as being most significant is somewhat of a challenge for me, I would expect it is and has been for anyone who has taken part in this immersion. There have been so many instances in which I’ve felt overcome by the Spirit, and it’s impossible to know what moment God will draw my attention to in the future. Yet, as I take more time to reflect, it is the people of the LA Immersion 2016 that have made the deepest impact on me. First and foremost I must mention the amazing people with whom I shared every step of this experience. From my fellow Flyers to my incredible new friends from St. Mary’s and Chaminade, I am tremendously blessed to have shared such an amazing journey with them, and to have witnessed their thoughts, reflections, and responses to the experience. It was beautiful to see the bonds we were able to build upon the foundation we all share, the Marianist charism, and how that allowed us to enter deep...
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IMPORTANCE OF INSURANCE

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Human beings, his family and properties are always exposed to different kinds of risks. Risk involve the losses. Insurance is a tool which reduces the cost of loss or effect of loss caused by variety of risk. It accumulates funds to meet individual losses. It is not device to prevent unwanted event of happening or cause of loss but protects them against that loss by compensating which as lost. The role and importance of insurance are discussed as follows: 1. Insurance provides security Insurance provides safety and security against the loss on a particular event. Life insurance provides security against death and old age sufferings. Fire insurance protects against loss due to fire while Marine insurance provides protection and safety against loss of ship and cargo. For personal accident and sickness insurance financial protection is given when the individual is unable to earn. In other insurance too, this security is provided against the loss at a given contingency. ...
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