At Allianz, we realise that insurance can sometimes be complicated. This is why we've created this Glossary of Terms where insurance terminology is simplified and explained for you.
Principles of Insurance
Your policy of insurance is a contract. You pay the agreed premium. In return your insurer provides the insurance cover for a defined period of time.
The Principles of Insurance are basic rules which apply to insurance contracts. They include the following:
Utmost Good FaithA contract of insurance requires that both the policyholder and the insurer are honest with each other and that they hide no information of relevanc...Read more
About the author:Founder and Managing Director of Map Cover Ltd. Technical Motor & Property Insurance Underwriter turned Entrepreneur and Expert Witness.
Date:March 22nd, 2018