In the insurance world there are six basic principles that must be met, ie insurable interest, utmost good faith, proximate cause, indemnity, subrogation and contribution. So what are the meanings of these principles? the following statement:
1. insurable interest
The right to insure arising out of a financial relationship, between the insured and the insured is legally recognized.
2.Utmost good faith
An action to disclose accurately and completely, all facts material (material fact) about something that will be insured, whether requested or not. The meaning is: the insurer must honestly explain everything clearly about the extent of the terms / conditions of the insurer and the insured must also provide a clear and accurate description of the object or the interests of the insured.
3. proximate cause
is a cause of active, efficient cause of events which lead to a result without the intervention of a force started and working actively from a new and independent source.
4. Indemnity
A mechanism by which the insurer to provide financial compensation to put the insured in the same financial position he was in prior to the loss (Commercial code article 252, 253 and reaffirmed in Article 278).
5. Subrogation
The transfer of demand from the insured to the insurer after the claim is paid.
6. Contribution
While the right of the insurer to insurer invite other equally bear, but do not have the same obligations to the insured to help provide indemnity.
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