Elements of Insurance Policy Forms

Insurers do issue policies with regard to all types of insurance contracts. A policy as such is not the contract in itself, it is simply an evidence to the contract which already exists.


How Principle of Subrogation is Implied in Insurance

In insurance the principle of subrogation states that after payment of a claim, the insurers shall be entitled to take over the legal right of the insured against the liable third party for the purpose of recovery.


How Principle of Insurable Interest Works

Insurable interest is a fundamental principle of insurance states that happening of the event insured against, or death of the life insured must cause the policy holder financial loss.


Valuation by Services in Marine Loss

The valuation by services removes the defects of memorandum clause which is used to free certain commodities from particular average and in the case of other commodities the damage has to amount to at least 5 per cent to become recoverable.