Advertisements
Advertisements
Question
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.
Options
Utmost good faith
Insurable interest
Indemnity
Subrogation
Solution
Subrogation
APPEARS IN
RELATED QUESTIONS
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 ______.
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.
"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?
Explain 'contribution' as a principle of insurance.
Distinguish between Principle of Indemnity and the Principle of Insurable Interest.
"Insurance is a contract of indemnity." Explain.
"Principle of contribution is a corollary to the principle of indemnity." Comment.
Is insurable interest necessary in all insurance contracts?