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प्रश्न
Distinguish between Principle of Indemnity and the Principle of Insurable Interest.
उत्तर
| Principle of Indemnity | Principle of Insurable Interest |
| Indemnity means a promise to compensate in case of a loss. Except for life insurance, it refers to the guarantee of compensation in the event of a loss. The insured will only be reimbursed for the amount of loss suffered by him. The insured party cannot profit from this insurance deal. | Insurance contracts require a monetary interest from the insured to be legally binding. Insurable interest refers to a person's loss resulting from the destruction of insured property. |
संबंधित प्रश्न
Choose the Correct Answer.
The basic principle of insurance is ________
______ means a promise to compensate in case of loss.
Identify the principle of insurance based on the given information.
- The insured must be benefitted by the existence of the insured object and must suffer a loss by its destruction.
- It is the financial interest of the insured in the subject matter of insurance.
Explain in brief the Principle of Subrogation.
Name the principle of insurance under which the insurer stands in place of the insured after settlement of claim in relation to the insured property.
"The insured must disclose all material facts and the insurer must make clear all the terms and condition in the insurance contract." Which principle of insurance is referred to in this statement?
Uberimmae fidae, the principle of insurance means ______.
Explain 'contribution' as a principle of insurance.
Briefly explain the principle of Utmost good faith of insurance?
"Principle of contribution is a corollary to the principle of indemnity." Comment.
