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Define the following principles as used in insurance

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Define the following principles as used in insurance

Indemnity

During compensation, insurance aims to reinstate the insured back to the financial situation he/she was just before the risk occurred

Utmost good faith

When taking an insurance policy or making a claim, the insured is expected to disclose all material facts to the insurer.

Subrogation

Once the insured has been compensated appropriately, any other benefits that he/she may get will revert to the insurer.

Contribution

In case of double insurance, any compensation due to an insured will be paid by the insurers in an agreed proportion so as to conform to the principle of indemnity


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