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Mention the principle of insurance involved in the following statements. (a). One cannot insure the neighbour’s house. (b) Compensation is paid out by an insurance company only...

Mention the principle of insurance involved in the following statements.
(a). One cannot insure the neighbour’s house.
(b) Compensation is paid out by an insurance company only if the loss is a direct result of
happening of the event insured against.
(c). After having been compensated the insured is not allowed to take the scrap.
(d). The aim of the insurance company is to put back the insured to his/her original material
financial position and not to profit him/her.

Answers


kinyua
a) One cannot insure the neighbor’s house insurance interest.
b) Compensation is paid out by an insurance company only if the loss is a direct result of
happening of the event insured against Doctrine of proximate cause
c) After loosing been compensated the insured is not allowed to take the scrap Subrogation
d) The aim of insurance company is to put back the insured to his original material position and not
to profit him. Indemnity
monica20 answered the question on November 1, 2017 at 11:21

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