What are the Basic Principles in the World of Insurance?

 In the world of insurance there are 6 basic principles that need to be met, namely:

 Insurable Interests:

 A right to insure, which arises from a financial relationship between the insured and the insured that has been legally recognized.

 Utmost Good Faith:

 An action to accurately and completely disclose all material facts about something to be insured, whether requested or not.  This means that the insurer must honestly explain clearly everything related to the terms or conditions of the insurance.  The insured party must also be able to provide clear and correct information on the object or interest insured.

 Proximate Cause:

 Is an active, efficient cause that causes a series of events that give rise to a certain effect without any intervention or intervention that is initiated actively from a new and independent source.


 A mechanism whereby the insurer provides a financial compensation in an effort to place the insured in the financial position he or she already had shortly before the occurrence of a loss (KUHD articles 252, 253 and emphasized in article 278)


 Transfer of claim rights from the insured party to the insurer after the claim is paid.


 The right of the insurer to invite other insurers who jointly bear but do not have the same obligation to the insured to participate in providing indemnity.

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