The principle of insurable interest

Insurance benefits (also known as "insurable interest", "insurable interest") is the subject of insurance policyholder has the legal recognition of interests. The insured because the insurance is usually the subject of damage or loss suffered economic losses because the insurance is the object of preservation and profit. Only when the insurance benefits are legally recognized, economic, and determined instead of the expected benefits, the insurance benefits could be substantiated. In general, property insurance, insurable interest exists in the insurance when the accident occurred, when in order to compensate for losses; personal insurance, insurable interest must exist at the conclusion of insurance contracts, used to prevent moral hazard.
With life insurance, for example, the insured of their own and their spouses have an unlimited insurable interest, in some countries and regions such as the insured and the insured by blood, but also constitute an insurable interest. In addition, the creditors of the debtor does not pay off the loan also has an insurable interest.
[Edit] the principle of utmost good faith
The principle of utmost good faith (also known as the "highest integrity"), parties to a contract guarantee insurance to honesty and trustworthiness, to carry out their obligations in good faith. Include the following:
The insurer's obligation to inform the
The insurer should be the content of insurance contracts that the terminology, purpose clearly.
Obligation to truthfully inform the insured
Policyholder should accurately inform the insurance status of the subject.
Insured or guaranteed obligations of the insured person
The insured or the insured person for the act or omission of a certain state of existence or non-existent security. To ensure a clearer one is specified in the insurance contract guarantees, such as the risk of theft, to ensure the installation of security doors, personal insurance driving a vehicle must have a valid driver's license; do not need a categorical assurance that is called implied warranties, such as the Marine Insurance , the implied warranties of seaworthiness insured does not change the course, the legitimacy of navigation and so on. Since the guarantee of the terms of the very strict restrictions on the insured person, so that countries laws restrict the use of implied assurance insurers, and only some common issues as implied warranties.
Waiver and Estoppel
Abstention is the parties to give up certain rights in the contract. For example, insurers, insurance policyholders explicitly inform the subject enough to affect the degree of risk underwriting, the insurer has remained silent and collect the premiums, then gave up exclusions constituted the right of the insurer. Another example, accident insurance, the beneficiary is not the period stipulated in the contract claim, constitute the beneficiaries to give up the right to claim insurance money.
Estoppel means that as the have given up certain rights, it must no longer claim that right. Example, the first example above, the insurer can not be covered, to raise the insured the right to claim refused insurance coverage.
[Edit] The principle of compensation of loss
Compensation principle is that an insurer must provide accident insurance when they suffer losses the insurance subject of the scope of liability under the insurance policy beneficiaries to compensate. The implication for the insurance people in the insurance agreement to compensate for losses resulting from the accident, the beneficiary can not afford to pay the insurance payments received extra benefits. In general, property insurance, follow the principle, but because of the value of human life and body is difficult to estimate, so life insurance does not apply to the principle, but some scholars believe that health insurance for medical expenses should be followed, or else there is suspected of Unjust Enrichment .
[Edit] proximate cause of the principle of
Proximate principle is to determine the risk of accidents and insurance refer to the subject of the relationship between the loss in order to determine the responsibility of the insurance compensation or payment of basic principles. Proximate cause is the subject-matter insured damage occurred in the most direct, most effective and decisive cause, and does not mean that the recent reasons. If the proximate cause belonging to the insured risks, the insurer shall be