INSURANCE RISK MANAGEMENT

 INTRODUCTION From time immemorial, man has sought ways of controlling risk to which individuals either private or grouped together as commercial and business ventures are exposed. Until about 20 years ago, the concept of risk management was regarded as a subject and an arm of practical management. It is a multidisciplinary subject which brings together…

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PRINCIPLES OF INSURABLE INTEREST

INTRODUCTION The practice of insurance is guided by six basic principles in addition to the basic contractual requirements discussed previously. These basic principles i.e. insurable interest, utmost good faith, proximate cause, indemnity, subrogation and contribution were established and later many of them have been upheld by the courts with the strength of the law behind…

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