Insurance Principles

• Utmost Good Faith
• The Policy Schedule – its purpose
• IBNR – what is it?
• Price should not be the most important criteria
• What does “fortuitous” mean?
• Subrogation – What is it?
• Average/Coinsurance or under-insurance clauses – What are they?
• Risk – What is it?
• What happens if I cancel my Professional Indemnity cover?
• What is a minimum and deposit premium?
• 9/11 one event or two?
• What does the term indemnity mean?
• Deliberate and Wilful Acts are uninsurable