Author: Naing

      Underwriting is the process by which an insurer evaluates the risk of insuring a person or asset and determines the premium. Underwriters use historical data, statistical models, …

Underwriting and Risk Assessment Read More

    The claims process involves notifying the insurer of a loss, investigation by a claims adjuster, assessment of damages, and final settlement payment. Efficient claims handling is a crucial …

Claims Process and Settlement Read More

      For a policy to be valid, the policyholder must have an insurable interest in the subject of the insurance. This means the policyholder would suffer a direct …

Insurable Interest Read More

    An insurance contract is considered a contract of “utmost good faith.” Both the insured and the insurer are bound to act with complete honesty and to disclose all …

Utmost Good Faith (Uberrimae Fidei) Read More

    This core principle states that insurance is designed to restore the insured to the same financial position they were in immediately before a loss occurred, without providing a …

The Principle of Indemnity Read More

    Understanding basic terms is crucial:   Premium: The amount paid periodically to the insurer by the policyholder to maintain coverage.   Policy: The legal contract detailing the terms …

Key Insurance Terminology Read More

    Insurance can be broadly categorized, with common types including:   Life Insurance: Provides a financial benefit to beneficiaries upon the death of the insured. (e.g., Term Life, Whole …

Types of Insurance Coverage Read More

    Insurance operates on the principle of risk pooling, where a large group of individuals or entities contribute premiums into a fund to protect against a specific, shared risk. …

The Fundamental Concept of Risk Pooling Read More

    A common clause in commercial or construction contracts where one or both parties agree to waive the right of their insurance company to seek recovery from the other …

Subrogation Waiver Read More