BBG E231 Chapter Notes - Chapter 1: Vehicle Insurance, Subrogation, Insurable Interest
Document Summary
Defining an insurance contract can be very beneficial when you are negotiating or deciding if you need a lawyer in your personal injury case. There are seven basic principles that create an insurance contract between the insured and the insurer: These 7 principles combine to form an insurance contract. 1) the principle of utmost good faith. Both parties involved in an insurance contract the insured (policy holder) and the insurer (the company) should act in good faith towards each other. The insurer and the insured must provide clear and concise information regarding the terms and conditions of the contract. If the insurance company provides you with falsified or misrepresented information, then they are liable in situations where this misrepresentation or falsification has caused you loss. If you have misrepresented information regarding subject matter or your own personal history, then the insurance company"s liability becomes void (revoked).
