Primary Obligations of an Insured

The video tutorial discusses the key aspects of insurance contracts, focusing on the obligations of both the insurer and the insured. Initially, it highlights the duty of disclosure, where the insurer must provide all relevant information at the inception of the contract. It then explains the insured's responsibilities, particularly in the event of a contingency, emphasizing the need for cooperation and timely communication with the insurer. The tutorial underscores the importance of good faith and honesty in fulfilling these duties to ensure proper coverage and claim processing.

What is the primary obligation of the insurer at the start of an insurance contract?

• To provide a detailed policy document

• To disclose relevant information

• To offer the lowest premium

• To ensure immediate coverage

In the event of a contingency, what is the insured required to do?

• Seek a new insurer

• Ignore the insurer's requests

• Terminate the contract

• Cooperate and provide necessary information

Why is it important for the insured to cooperate with the insurer?

• To change the terms of the contract

• To assess the extent of damages or losses

• To avoid legal action

• To reduce the premium

What can be a contingency for coverage under the insurance contract?

• Increasing the coverage amount

• Changing the insurer

• Timely informing the insurer of an event

• Failure to disclose information

What is emphasized as a duty in the ongoing relationship between the insured and insurer?

• Duty to seek legal advice

• Duty to disclose and cooperate

• Duty to renew the contract annually

• Duty to pay premiums on time