Life is unpredictable. There occur many unforeseen expenses that derails our savings suddenly. And what if you are guaranteed a secure vault at a time when losses turn up suddenly? The compensation that a company assures at the time of losses like illness, death, accident etc. come under this category. For the worthwhile and smooth functioning of an insurance contract, its principles need to be held well. It encompasses many factors like utmost good faith, proximate cause, insurable interest, indemnity, subrogation, contribution and loss minimization. The basic principle underlying insurance is the faith that should be created between the insured and the insurer. There must be a lucid relation between them and a proper exchange of details is also of dire significance. As we are unaware of what future is carrying for us, be prepared to be embraced in the safest hands.

Pulkit Midha

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