At a presentation for would-be Uber drivers attended by BuzzFeed News, a company representative advised getting less-expensive “personal” insurance that can leave drivers uncovered and in some cases lead them to incorrectly register their cars in violation of the law.
Uber is steering drivers to purchase auto insurance that leaves them uncovered when they’re trolling for fares and that often forces them to flout the law by lying when they register their automobiles, according to documents, interviews, and an Uber presentation attended by a BuzzFeed News reporter.
To understand how insurance works, it is important to know the seven insurance principles that rules this activitie.
Since the begining, the insurance concept started distributing the risk among a group of people or enterprises. So cooperation is the main element behind any insurance contract.
From that point are derived the seven insurance principles. Here they are:
1) Principal of Utmost Good Faith
Both parties, insurer and insured should enter into contract in good faith
Insured should provide all the information that impacts the subject matter
Insurer should provide all the details regarding insurance contract
For example – John took a health insurance policy. At the time of taking policy, he was a smoker and he didn’t disclose this fact. He got cancer. Insurance company won’t pay anything as John didn’t reveal the important facts.
What does flood insurance covers and how does it work?
This is a kind of insurance that covers one when his or her property is damage by floods/water. Flood damage occur in different ways e.g. an undetected burst pipe.
Different Types of Flooding
Flash Floods : This type of a flood can be perceived after a heavy rain has stop. Example of heavy rains like Tsunami, tropical storm and not resulting failure of dams.
Urban Floods : This is a form of a flood that is usually damages the urban area roads, the cause is that the large amount rain cannot be absorbed by the ground.
¿What is the perception of the insurance industry value to society?
Asia Insurance Review, as the voice of insurance in Asia, is hosting an international summit to recognize and salute the role of insurance industry in daily life, the economy, society and nation-building.
This Summit aims to provide a platform for insurers and users of insurance to come together to see what more the insurance industry can do to better serve individuals, corporates and society while taking stock of its current strengths and weaknesses.
Summit is being held in Singapore on 29th and 30th April, 2015 in Singapore at the Grand Hyatt.
You could find more relevant details through the below link:
You’ve probably got contents insurance for your belongings but are you aware just how easy it is to fall behind in calculating the value of them?
What do you imagine the average contents of a family home are worth – £25,000 or £30,000? In fact this figure, for a typical home, is estimated to be over £45,000. Apart from your “moveable items” of carpets, furniture, curtains, it’s probable that electrical goods purchased over the last few years explain the sudden rise.
Insurance as we understand it now might be associated to the Huge Fire of London, which in 1666 devoured 13,200 houses. Fallowing this disaster Nicholas Barbon opened an office to insure buildings. In 1680 he established England’s first fire insurance company, “The Fire Office”, to insure brick and frame homes. The first insurance firm in the United States provided cover against fire was founded in Charles Town (nowadays Charleston), South Carolina, in 1732.