Principal of Indemnity
insured's property should be restored to it's previous state, no better no worse, insured cannot profit from the loss
indemnification
compensation for loss
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6 special characteristics of insurance contracts -
answer personal
adhesion
utmost good faith
aleatory
unilateral
conditional
aleatory - answer depending on an unknown future
event
, adhesion - answer insured agrees to the contract,
but has no say in the wording
unilateral obligation - answer only insurers make
an obligation, insureds can stop paying premiums
at any time
4 sections of a policy - answer declarations
definitions
insuring agreement
conditions
exclusions
endorsements
government/social insurance - answer non-profit
prescribed by law, mandatory
meets needs of general public
gov has a monopoly
private insurance - answer based on consumer
preferences
for profit
wide variety of insurance products
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