Dictionary Of Insurance Terms -

: A fundamental principle requiring both the insurer and the insured to act with total honesty and disclose all material facts.

Foundational concepts that govern the legal and ethical framework of insurance contracts: Dictionary of Insurance Terms

: The total amount of capital an insurance company has available to underwrite general coverage or specific risks. : A fundamental principle requiring both the insurer

: The right of an insurer to pursue a third party that caused an insurance loss to the insured. Essential Policy Components provided the application is later approved.

: A receipt for a premium payment that makes the policy effective from that date, provided the application is later approved.