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प्रश्न
Is insurable interest necessary in all insurance contracts?
उत्तर
Yes, insurable interest is necessary in all insurance contracts. Insurable interest is an essential element in every insurance contract. In the absence of insurable interest, a contract of insurance becomes a wagering contract, which is null and void and unenforceable at law.
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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.
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 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?
What is insurable interest?
Explain 'contribution' as a principle of insurance.
"Insurance is a contract of indemnity." Explain.
"Principle of contribution is a corollary to the principle of indemnity." Comment.
