Insurance and Risk Management Iia Assignment
Insurance and Risk Management IIA Assignment |
Nabeelah Madhi|
466106|
|
Insurance and Risk Management IIA Assignment|
16 April 2012|
|
CONTENTS
Introduction.....................................................................................................................................3
The principles Involved...................................................................................................................3
Insurable Interest.............................................................................................................................3
Indemnity........................................................................................................................................4
Subrogation.....................................................................................................................................4
Application of Theory.....................................................................................................................5
Conclusion......................................................................................................................................6
Reference List.................................................................................................................................7
Introduction
Mr. X and Mr.B are involved in a motor accident. Both parties believe that the other is at fault for the accident occurring. Mr.B believes that Mr.X is responsible for the damage to his motor vehicle and Mr.X believes that Mr.B is responsible for the damage to his motor vehicle. Fortunately for Mr.B, insurance was taken out for his motor vehicle through the Mr.B Family Trust (hereinafter referred to as the B family trust). In other words the insurance contract for this motor vehicle is with the B Family Trust and not in the name of Mr.B himself. However with
Nabeelah Madhi|
466106|
|
Insurance and Risk Management IIA Assignment|
16 April 2012|
|
CONTENTS
Introduction.....................................................................................................................................3
The principles Involved...................................................................................................................3
Insurable Interest.............................................................................................................................3
Indemnity........................................................................................................................................4
Subrogation.....................................................................................................................................4
Application of Theory.....................................................................................................................5
Conclusion......................................................................................................................................6
Reference List.................................................................................................................................7
Introduction
Mr. X and Mr.B are involved in a motor accident. Both parties believe that the other is at fault for the accident occurring. Mr.B believes that Mr.X is responsible for the damage to his motor vehicle and Mr.X believes that Mr.B is responsible for the damage to his motor vehicle. Fortunately for Mr.B, insurance was taken out for his motor vehicle through the Mr.B Family Trust (hereinafter referred to as the B family trust). In other words the insurance contract for this motor vehicle is with the B Family Trust and not in the name of Mr.B himself. However with