Chapter 1 — Introduction to Insurance
What is insurance?
Insurance is a contract that transfers the risk of financial loss from an individual to an insurer in exchange for a premium.
Key terms
- Premium
- Sum Assured
- Policyholder
Back to courseFoundations Principles
IC-38 Insurance Agent Exam — Notes
Chapter 2 — Principles of Insurance
The seven fundamental principles include utmost good faith, insurable interest, indemnity, subrogation, contribution, proximate cause, and mitigation of loss.