TAILIEUCHUNG - Lecture Risk management and insurance - Lecture No 17: Fundamental legal principles

This chapter’s objectives are to: Principle of indemnity, principle of insurable interest, principle of subrogation, principle of utmost good faith, requirements of an insurance contract, distinct legal characteristics of insurance contracts, law and the insurance agent. | Fundamental Legal Principles Lecture No. 17 1 Objectives Principle of Indemnity Principle of Insurable Interest Principle of Subrogation Principle of Utmost Good Faith Requirements of an Insurance Contract Distinct Legal Characteristics of Insurance Contracts Law and the Insurance Agent 2 Principle of Indemnity The insurer agrees to pay no more than the actual amount of the loss Purpose: To prevent the insured from profiting from a loss To reduce moral hazard 3 Principle of Indemnity In property insurance, indemnification is based on the actual cash value of the property at the time of loss There are three main methods to determine actual cash value: Replacement cost less depreciation Fair market value is the price a willing buyer would pay a willing seller in a free market Broad evidence rule means that the determination of ACV should include all relevant factors an expert would use to determine the value of the property 4 Principle of Indemnity There are some exceptions to the .

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