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Question
Principle of indemnity is not applicable to ______.
Options
Life insurance
Fire insurance
Marine insurance
Solution
Principle of indemnity is not applicable to life insurance.
Explanation:
According to the principle of indemnity, the insurer assures the insured that he/she will bring the insured back to the position he/she was in prior to the occurrence of an uncertain event. As in the case of life insurance, the deceased person cannot be made alive again. Hence, the principle of indemnity is inapplicable here.
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