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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
Explain the principles of insurance.
______ 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 ______.
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.
"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?
Uberimmae fidae, the principle of insurance means ______.
Briefly explain the principle of Utmost good faith of insurance?
"Insurance is a contract of indemnity." Explain.
"Principle of contribution is a corollary to the principle of indemnity." Comment.
