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Question
Write a word or phrase or a term which can substitute the following:
The type of insurance where the principle of indemnity is not applicable
Solution
The type of insurance where the principle of indemnity is not applicable - 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. Because in case of life insurance, there can obviously be no compensation for the life lost, the principle of indemnity is inapplicable here.
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