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प्रश्न
"The insurer undertakes to put the insured, in the event of loss, in the same position that he occupied before the event." Which principle of insurance is referred to in this statement?
विकल्प
Utmost good faith
Insurable interest
Indemnity
Subrogation
उत्तर
Indemnity
Explanation:
Indemnity implies compensation. According to this principle, the insurer shall compensate the insured in case of a loss against which the policy was issued. The purpose is to place the insured financially in the same position as he was before the loss. The logic behind this principle is that the insured should not be allowed to make a profit from his loss. The principle of indemnity is not applicable to life insurance. This is because human life can not be valued in terms of money.
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संबंधित प्रश्न
Choose the Correct Answer.
The basic principle of insurance is ________
______ 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 ______.
Assertion: The concept of insurable interest is fundamental to all insurance contracts.
Reasoning: It ensures that the insured has a legitimate financial interest in the subject matter insured.
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.
Uberimmae fidae, the principle of insurance means ______.
What is insurable interest?
Briefly explain the principle of Utmost good faith of insurance?
Distinguish between Principle of Indemnity and the Principle of Insurable Interest.
