Many people's lives touch upon an insurance policy in one way or another. Sometimes, you do not realise that insurance policies are currently covering the place where you work, live or even the vehicle or journey you are travelling.
It is not an exaggeration to state that insurance plays a crucial role in commerce as well as the day to day life of the common folk. Insurance coverage has been such a necessity that permeates into every sector of economy, which sometimes we just take for granted.
Insurance policies are first and foremost, contracts just like any other. However, one salient distinguishing feature of an insurance contract as against other contracts is that insurance contracts are contracts uberrimae fidei.
An insurance policy or some say contract, is subject to the rules generally applicable to other common law contracts since it is in itself, a type of contract albeit with its special features.
Where two parties enter into a contract, there is some form of understanding between the parties on what is agreed between them and the rights and obligations of each party towards the other arising out of the contract.
What actually makes or breaks an insurance relationship is the making of an insurance claim. No amount of marketing and selling of an insurance policy could usurp the claims experience of the insured person when he submits the claims form following the happening of the event covered under the insurance policy.
Delicious
Digg
Facebook
Furl
Ma.gnolia
Reddit
Stumbleupon