Foundations of General Insurance

Foundation

Master the fundamental principles that form the bedrock of all General Insurance — Indemnity, Subrogation, Utmost Good Faith, and more. Essential knowledge for every insurance professional.

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9 Sections

What is General Insurance?

General Insurance (also called Non-Life Insurance) is a contract of insurance that provides financial protection against...

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Types of General Insurance

General Insurance encompasses multiple product categories designed to cover different types of risks. The major categori...

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Principle of Indemnity

The Principle of Indemnity states that an insurance contract is designed to restore the insured to the same financial po...

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Utmost Good Faith (Uberrima Fides)

The Principle of Utmost Good Faith (Uberrima Fides) requires both parties to an insurance contract — the insured and the...

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Subrogation

Subrogation is the right of the insurer, after paying a claim, to step into the shoes of the insured and recover the amo...

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Contribution

The Principle of Contribution applies when the same risk is insured with two or more insurers. In such a case, the insur...

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Insurable Interest

Insurable Interest means that the person taking the insurance policy must have a financial interest in the subject matte...

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Proximate Cause

The Principle of Proximate Cause (Causa Proxima) states that in determining whether a loss is covered under an insurance...

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IRDAI Regulatory Updates 2024–2026

Between May 2024 and 2026, IRDAI rolled out the largest set of policyholder-protection reforms in over a decade. The hea...

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