Insurance Principles

Which example do you think relates to 'Insurable Interest'

• For something to be insured, it must have a price or financial measurement, for example a mobile phone, a tablet, a footballers legs or a car

• The customer must let us know all facts which could relate to this insurance

• The event that causes the insurance claim

• This principle is putting the customer back in the position they were in exactly before the insured event occured

Which example do you think relates to 'Insurable Interest'

• Usually, Insurable Interest in established by ownership or possession. Or, you would insure your own car, but not a neighbour’s!

• When a customer calls us to make a claim, we must deal with the customer in a totally honest way, and the customer must be honest with us

• Imagine a line of dominoes; the last domino in the line falling over is caused by the first domino being knocked originally. Knocking over the first domino is the _________ _______ to that chain of events

• We fulfil claims with replacement phones, not necessarily new phones for this reason

Which example do you think relates to 'Insurable Interest'

• Insurers expect the customer taking out the cover to have a direct financial interest in the item that they are insuring

• The trust that both the insurance company and the insured customer are telling the truth is referred to as this.

• The event that causes the insurance claim

• Insurance policies such as the one which we are going to be assessing claims for are these type of policies, so we don’t seek to put the customer in a better position than they were before they made the claim, but the same position

Which example do you think relates to 'Utmost Good Faith'

• The customer must let us know all facts which could relate to the insurance

• Usually, Insurable Interest in established by ownership or possession. Or, you would insure your own car, but not a neighbour’s!

• The event that causes the insurance claim

• This principle is putting the customer back in the position they were in exactly before the insured event occurred

Which example do you think relates to 'Utmost Good Faith'

• When a customer calls us to make a claim, we must deal with the customer in a totally honest way, and the customer must be honest with us

• Insurers expect the customer taking out the cover to have a direct financial interest in the item that they are insuring

• If a customer wishes to claim for damage of their phone, we need to understand what caused the damage? Was it water, had it been dropped or been thrown maliciously by someone else in an argument? To assess a claim we need to ask good questions to discover this

• We fulfil claims with replacement phones, not necessarily new phones for this reason

Which example do you think relates to 'Utmost Good Faith'

• The trust that both the insurance company and the insured customer are telling the truth is referred to as this.

• The event that causes the insurance claim

• For something to be insured, it must have a price or financial measurement, for example a mobile phone, a tablet, a footballers legs or a car

• Insurance policies such as the one which we are going to be assessing claims for are these type of policies, so we don’t seek to put the customer in a better position than they were before they made the claim, but the same position

Which example do you think relates to 'Proximate Cause'

• The event that causes the insurance claim

• This principle is putting the customer back in the position they were in exactly before the insured event occurred

• We fulfil claims with replacement phones, not necessarily new phones for this reason

• Insurers expect the customer taking out the cover to have a direct financial interest in the item that they are insuring

Which example do you think relates to 'Proximate Cause'

• Imagine a line of dominoes; the last domino in the line falling over is caused by the first domino being knocked originally. Knocking over the first domino is the _________ _______ to that chain of events

• This principle is putting the customer back in the position they were in exactly before the insured event occurred

• Usually, Insurable Interest in established by ownership or possession. Or, you would insure your own car, but not a neighbour’s

• The customer must let us know all facts which could relate to the insurance

Which example do you think relates to 'Proximate Cause'

• If a customer wishes to claim for damage of their phone, we need to understand what caused the damage? Was it water, had it been dropped or been thrown maliciously by someone else in an argument? To assess a claim we need to ask good questions to discover this

• The customer must let us know all facts which could relate to the insurance

• Insurers expect the customer taking out the cover to have a direct financial interest in the item that they are insuring

• We fulfil claims with replacement phones, not necessarily new phones for this reason

Which example do you think relates to 'Indemnity'

• This principle is putting the customer back in the position they were in exactly before the insured event occurred

• Imagine a line of dominoes; the last domino in the line falling over is caused by the first domino being knocked originally. Knocking over the first domino is the _________ _______ to that chain of events

• The trust that both the insurance company and the insured customer are telling the truth is referred to as this.

• Insurers expect the customer taking out the cover to have a direct financial interest in the item that they are insuring