Contribution is wrongly explained
It is where there are more than one policy, the insurers may divide the actual loss and contribute their share. Clearly taking up two policies is inadvisable as one should not be able to make profit out of the loss owing to the principle of utmost good faith
Explanation is very clear. I just got one doubt. What is the difference between idemnity and subrogation as for both the cases, you mentioned that insurer is going to help us for getting new door for the damaged one.
Insurable interest is something where financial loss occurs. For example you can get ur own home insured but not of neibhours. If bread earner is died there is a financial loss so there is insurable interest.
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What is #Marine #Insurnce?
What Is #ship Management?
Dispatch #supervision, because the identity implies, relates to the method regarding owning a dispatch. Dispatch supervision is completed simply by self-sufficient organizations which use cruises regarding various other organizations
ya it's wrongly explained. Insurable interest means that there should be direct concern with an asset which you are insuring. eg. you can insure your house but you can't insure your neighbors house, since you have no insurable interest in that property
thank you so much sir for that excellent explanation... now I actually understand what these principles actually mean... my teacher in college just couldn't explain this to us the way you did.. I again wanna say a big thank you to you...😊
Hey dear, Insurable Interest - As far as refund is concerned Ins Co will pay me back (It can be on Short Period/Pro Rata) in some case they can refuse only for liability premium only , and Insurable interest is more concerned of who can pay the premium of any asset or Life - I can pay on behalf of my father but not for hot aunty who lives next door! Even bank can pay for mortgaged property as they have interest in my property because it belongs to them now!
I was just talking to my brother about this. Its an endlessly fascinating subject. He's actually trying to start an insurance company, and when he started talking about it, something just clicked with me. I'm trying to learn everything I can. Thank you Vipin.
Great video but Subrogation as explained by you is not correct. Subrogation is the right of the insurer to pursue a third party that caused an insurance loss to the insured. Your explanation is about the right to salvage of the insurer. In the example, subrogation would mean to pursue the third party at fault in damaging the door.
Here's a great video explaining Subrogation: https://www.youtube.com/watch?v=tZigJttpdas
Thank you very much for this video Vipin. But I find that the Blanket policy is no explained. That's it. Rest all is very clear and with good explanation. Please keep on uploading new videos like this. Thank you very much once again.
Vipin Mandyam, your explanation regarding insurance policies is perfectly suits very well both in knowledge and understanding of the insurance, many who watch your video will be satisfied extremely as I do. Thanks for the video, pls ensure to complete what I have pointed out in my previous comment. Congratulation! on your successful video clip
Vipin Mandyam, in this above video Inurance - Basic and Types, I found that Blanket Policy is not explained rather it went straight to Marine Policy, is this due to non importance of the subject or was it due to error of video recording. I do hope you would correct the error in this case because many of them who watch will not be disappointed losing their interest of knowledge should they want to know about it.
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