The meaning is the insurer must honestly explain everything clearly about the extent of the terms/conditions of the insurance and the insured must also provide a clear and correct description of the insured object or interest. 3. Proximate cause Proximate cause is an active, efficient cause that creates a chain of events that gives rise to an effect without the Malaysia Phone Number Data intervention of something that starts and is active from a new and independent source. 4. Indemnity Indemnity is a mechanism in which the insurer provides financial compensation in an effort to place the insured in the financial position he had just before the loss occurred (Commercial Code articles 252, 253 and emphasized in article.
Subrogation Subrogation is the transfer of claim rights from the insured to the insurer after the claim has been paid. Contribution The right of the insurer to invite other insurers who are equally responsible, but does not have to have the same obligations towards the insured to participate in providing indemnity. Various Kinds of Insurance Various Kinds of Insurance After discussing the meaning to the principles of insurance, the next discussion is the various types of insurance. Life Insurance Various Kinds of Insurance Some people think that this type of life insurance is the same as health insurance. Life insurance is a type of insurance that provides guarantees for the death of an insured person by providing financial benefits.