What are the principles of insurance?

      

What are the principles of insurance?

  

Answers


joseph
A] Insurable interest
B] Utmost good faith
C] Subrogation.
D] Indemnity
E] Proximate cause.
F] Principle of contribution.
G] Consumer gets information about offers available.

Indemnity – Principle aims at bringing the insured bank the insured to the financial position he was before the loss occurred.

Utmost good faith – The insured is supposed to disclose all material facts about the life or property to be insured to the insurance company.

Subrogation – In the event of a risk occurring and full compensation, if there is any gain that can be made out of the loss, it is taken by the insurance company

Doctrine of proximate cause – For compensation to be effected, there must be a very close relationship between the cause of the loss and the risk insured

Contribution – where the risk is large, it can b covered by several insurance companies and each company contributes towards its compensation when the loss occurs.

joseph rimiru answered the question on December 1, 2017 at 18:16


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