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The principles of insurance: what are they?

September 28 2023 By Reliance Insurance Brokers insurance principles, utmost good faith, proximate cause, insurable interest, indeminity, subrogation, contribution, loss minimisation

Most people take out home, building and vehicle insurance without giving a second thought to what 'insurance' actually means. Yes, we all know that insurance is a safety net that pays out when a listed event occurs. But behind the scenes, what is really going on when you sign a contract with an insurer? It might surprise you to know that in order for your insurance contract to function correctly, there are seven principles of insurance that both ...