Online insurance refers to the buying and selling of insurance online. Insurance is subject to the principle of utmost good faith, which makes it convenient for people to conduct the business online, as both the parties have absolute duties to disclose all material facts otherwise any contract concluded is void.
Conducting a complete insurance transaction can be difficult due to the necessity of underwriting, sales, and a whole network of employees to ensure the contract is up to company standards. For this reason, many types of personal insurance are now sold online, including car insurance, travel insurance, and medical insurance.
In recent times, many online insurance providers now provide not only an insurance quote online, but perform the remainder of the selling process manually, and takes a large amount of paperwork out of the process. Some international insurance companies still require an actual physical process to take place.
Read more about Online Insurance: Online Niche Insurance
Famous quotes containing the word insurance:
“Before I get through with you, you will have a clear case for divorce and so will my wife. Now, the first thing to do is arrange for a settlement. You take the children, your husband takes the house, Junior burns down the house, you take the insurance and I take you!”
—S.J. Perelman, U.S. screenwriter, Arthur Sheekman, Will Johnstone, and Norman Z. McLeod. Groucho Marx, Monkey Business, terms for a divorce settlement proposed while trying to woo Lucille Briggs (Thelma Todd)