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Question
Uberimmae fidae, the principle of insurance means ______.
Options
Utmost good faith
Contribution
Subrogation
Mitigation of loss
Solution
Uberimmae fidae, the principle of insurance means utmost good faith.
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RELATED QUESTIONS
______ 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.
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 insured must disclose all material facts and the insurer must make clear all the terms and condition in the insurance contract." Which principle of insurance is referred to in this statement?
Explain 'contribution' as a principle of insurance.
Briefly explain the principle of Utmost good faith of insurance?
Distinguish between Principle of Indemnity and the Principle of Insurable Interest.
