The insurance has some legal process. When a person enters the insurance policy, he/she should be aware of that legal acts and requirements. Different companies may have different rules and regulations. But generally there are some rules and regulations are found among all the companies. Some of them are discussed here:
Insurance, which is beneficial for the insured : As there are many books written in this insurance, some books of Chartered insurance indicates that, the insurance company can’t left the insured party. It should be keep on mind of the insurance company that, the insured person can go to the court for justice.
Bear the loss up to the mark : We all know that the insurance company can help you during your bad days or during you are in trouble. But the person takes the service from the insurance company, should keep in mind that, the insurance company can help a person only up to their interest.
The interest, which is insurable: The person should have insurance, which can be insurable. Well, the question can be in mind that, the insurable insurance, which are? It can say that “Insurable insurance must exists whether property insurance or insurance on a person is involved”. It is also said that the insured should have a “stake” in case of loss or damage. The loss or damage can be a property or the injury of life.
Have good relation: There should be a good relation between the insured person and the insurance company. Both of then should be honest from their own position.