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प्रश्न
"Insurance is a contract of indemnity." Explain.
उत्तर
- Insurance contracts require the insurer to pay the actual loss or the sum covered, whichever is less.
- Insurance aims to restore the insured's pre-loss situation.
- All insurance contracts, save for life insurance, are indemnity contracts.
- Life insurance does not follow the principle of indemnity (compensation).
- Human life cannot be valued in monetary terms.
- In life insurance, the money insured is always payable at death or the expiration of the set period, whichever occurs first.
- Only the payment time is unpredictable. That is why life insurance is referred to as life assurance.
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संबंधित प्रश्न
______ means a promise to compensate in case of loss.
The insurer is liable for insured perils only and not for unexpected uninsured ones. This is the principle of ______.
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.
Uberimmae fidae, the principle of insurance means ______.
What is insurable interest?
Explain 'contribution' as a principle of insurance.
Distinguish between Principle of Indemnity and the Principle of Insurable Interest.
"Principle of contribution is a corollary to the principle of indemnity." Comment.
Is insurable interest necessary in all insurance contracts?
