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Give the significance of the following principles to both the insurer and insured i) Utmost good faith ii) Indemnity..... iii) Contribution iv) Insurable interest..

Give the significance of the following principles to both the insurer and insured
i) Utmost good faith
ii) Indemnity.....
iii) Contribution
iv) Insurable interest..

Answers


Kavungya
i) Utmost good faith-ensures that details offered are up to date and correct for proper
evaluation
ii) Indemnity-stresses the understanding that in the event of loss, the insure does not
benefit/insures does not over compensate
iii) Contribution-creates understanding to insurers who may have jointly ensured a risk
iv) Insurable interest-ensures that insured does not incur losses on property not assured by
insurer
Kavungya answered the question on April 3, 2019 at 09:24

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