1. Utmost Good Faith: Both parties in an insurance contract must act in good faith and disclose all material facts to each other.
2. Insurable Interest: The insured must have an insurable interest in the property or person insured.
3. Indemnity: The insurer will compensate the insured only to the extent of their actual loss.
4. Subrogation: If the insured is compensated for a loss, the insurer has the right to pursue recovery from the responsible third party.
5. Contribution: If multiple insurers are liable for the same loss, they must each contribute their fair share.
6. Proximate Cause: The insurer is only liable for losses that are the result of a proximate cause.
7. Mitigation of Loss: The insured is required to take reasonable steps to mitigate their losses.

What is insurance law?

Insurance law is a branch of the law that deals with the regulation of insurance companies, the enforcement of insurance contracts, and the determination of rights and obligations between insurers and policyholders. Insurance law covers a range of areas, including the regulation of insurance companies and products, the enforcement of insurance contracts, and the determination of rights and obligations between insurers and policyholders. It also covers areas such as the interpretation of insurance policies and the application of insurance law in court cases.

What is the best age for life insurance?

There is no one-size-fits-all answer to this question. The best age for life insurance is typically when you have dependents that rely on your income, when you have significant financial obligations, or when you want to ensure financial protection for your family in the event of an untimely death. Ultimately, the best time to get life insurance is when you feel you need it.