Summary |
Insurance covers a very wide field of activity. Its many sections are highly specialized and no man can hope to be master of the whole. Indeed, a considerable period of training in theory with practical experience is necessary in order to obtain a sound knowledge of any one of the main branches of the business-marine, fire, life, or accident insurance. Specialization, however, proceeds farther than this, so that, for example, profits insurance, public liability indemnities, or fidelity guarantee may well be for the specialist the study of a lifetime.
At the same time, there are certain fundamental principles which are common to all classes of insurance, for example, utmost good faith, insurable interest, and indemnity, while in matters of practice, such as office organization and procedure, reinsurance, and accounting, the underlying method is the same, although there are often differences in detail between the various departments. It is the purpose of this book to deal with the general features of the subject, so that the student may be able to obtain a broad view of insurance as a whole.
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