What are the characteristics of Insurance contract
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Characteristic features of an Insurance Contract

Insurable interest. A person can enter into a contract of insurance only when he has some insurable interest on the life or property which is insured.  

Contract of 'Uberrimae fidei' or Contract of Utmost good faith

1:Indemni0

2: Mitigation of Loss

3: Causa proxima

4: Subrogation

5: Contribution

6: Re-insurance

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Characteristic features of an Insurance Contract

1.Insurable interest

A person can enter into a contract of insurance only when he has some insurable interest on the life or property which is insured.

2.Contract of ‘Uberrimae fidei’ or Contract of Utmost good faith

Both the parties to the contract, that is the insured and the insurer have to disclose all the facts connected with the insurance contract.

3.Mitigation of Loss

Though insurance aims at minimizing the loss, it is expected that every party to the contract of insurance should take adequate steps to minimize the loss.

4.Causa proxima

The cause for the accident should be a direct cause for which an insurance is taken and it should not be a remote cause.