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Question:

Explain the principles of insurance in detail.

Answer:

Insurance operates on the following principles:

  • Utmost Good Faith: Both parties must disclose all relevant information truthfully.
  • Insurable Interest: The policyholder must have a financial stake in the insured item or person.
  • Indemnity: Compensation is provided only to the extent of the actual loss, preventing profit from claims.
  • Proximate Cause: Compensation depends on whether the insured peril caused the loss directly.
  • Subrogation: After compensation, the insurer gains rights to the damaged property.
  • Contribution: If multiple policies cover the same risk, insurers share the compensation cost.
  • Mitigation: The insured must take reasonable steps to prevent or minimize losses.


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  • Answered by Ekta Mehta
  • 4 months ago

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