Get premium membership and access questions with answers, video lessons as well as revision papers.
A] Insurable interest
B] Utmost good faith
C] Subrogation.
D] Indemnity
E] Proximate cause.
F] Principle of contribution.
G] Consumer gets information about offers available.
Indemnity – Principle aims at bringing the insured bank the insured to the financial position he was before the loss occurred.
Utmost good faith – The insured is supposed to disclose all material facts about the life or property to be insured to the insurance company.
Subrogation – In the event of a risk occurring and full compensation, if there is any gain that can be made out of the loss, it is taken by the insurance company
Doctrine of proximate cause – For compensation to be effected, there must be a very close relationship between the cause of the loss and the risk insured
Contribution – where the risk is large, it can b covered by several insurance companies and each company contributes towards its compensation when the loss occurs.
joseph rimiru answered the question on December 1, 2017 at 18:16
- What are the four documents that are used as source of records of books of account?(Solved)
What are the four documents that are used as source of records of books of account?
Date posted: December 1, 2017. Answers (1)
- What are the disadvantages of chain stores?(Solved)
What are the disadvantages of chain stores?
Date posted: November 30, 2017. Answers (1)
- Outlines the disadvantages of a supermarket?(Solved)
Outlines the disadvantages of a supermarket?
Date posted: November 30, 2017. Answers (1)
- What are the characteristics of large scale retailers business?(Solved)
What are the characteristics of large scale retailers business?
Date posted: November 30, 2017. Answers (1)
- Highlight some of the advantages of small scale retail businesses.(Solved)
Highlight some of the advantages of small scale retail businesses.
Date posted: November 30, 2017. Answers (1)
- What are the circumstances under which cheque is appropriate as means of payment?(Solved)
What are the circumstances under which cheque is appropriate as means of payment?
Date posted: November 30, 2017. Answers (1)
- Outline the disadvantages of cash payment?(Solved)
Outline the disadvantages of cash payment?
Date posted: November 30, 2017. Answers (1)
- What are the advantages of cash payment?(Solved)
What are the advantages of cash payment?
Date posted: November 30, 2017. Answers (1)
- What are automatic vending machines?(Solved)
What are automatic vending machines?
Date posted: November 30, 2017. Answers (1)
- What are open-air market traders?(Solved)
What are open-air market traders?
Date posted: November 30, 2017. Answers (1)
- Who are roadside sellers?(Solved)
Who are roadside sellers?
Date posted: November 30, 2017. Answers (1)
- List the disadvantages of itinerant traders(Solved)
List the disadvantages of itinerant traders
Date posted: November 29, 2017. Answers (1)
- Give the advantages of itinerant traders.(Solved)
Give the advantages of itinerant traders.
Date posted: November 29, 2017. Answers (1)
- List the characteristics of itinerant traders.(Solved)
List the characteristics of itinerant traders.
Date posted: November 29, 2017. Answers (1)
- Who are itinerant traders?(Solved)
Who are itinerant traders?
Date posted: November 29, 2017. Answers (1)
- Name two types of retailers.(Solved)
Name two types of retailers.
Date posted: November 29, 2017. Answers (1)
- What is international trade?(Solved)
What is international trade?
Date posted: November 29, 2017. Answers (1)
- What is home trade?(Solved)
What is home trade?
Date posted: November 29, 2017. Answers (1)
- State four pieces of information contained in an invoice(Solved)
State four pieces of information contained in an invoice
Date posted: November 29, 2017. Answers (1)
- What are the disadvantages of internet, intranet, website, extranet, and e-commerce?(Solved)
What are the disadvantages of internet, intranet, website, extranet, and e-commerce?
Date posted: November 28, 2017. Answers (1)