What is the most important principle of insurance?
What is the most important principle of insurance?
Utmost good faith, or “uberrima fides” in Latin, is the primary principle of insurance. In fact, many would argue that utmost good faith is the most important insurance principle. Essentially, this principle states that both parties involved in an insurance contract should act in good faith towards one another. Jun 24, 2020
Is jewelry covered under personal property?
While jewelry is typically considered a type of personal property, it’s important to consider whether your coverage limits are high enough to protect the pieces you value most. Often, insurance policies will come with sub-limits for certain kinds of belongings, such as jewelry.
When a person owns a watch or personal jewelry valued at $10000 they should purchase which of the following?
When a person owns a watch or personal jewelry valued at $10,000, they should purchase which of the following? Loss by theft of watches and personal jewelry is limited to $1,500 in the basic Homeowners Policy. This property can be scheduled with specific higher amounts of insurance by the SPP endorsement.
