Question

15- Name the principle of insurance for each of the following statements:
(a)The insured is expected to disclose all the important facts related to the property
insured.
(b) Insured must have some economic interest in the subject matter of Insurance contract.
(c) To claim for insurance the insured must take reasonable steps to minimize the loss.
(d) Insured is entitled to recover the loss suffered by him, up to the limit of policy
amount..​

Answer 1

Answer:

Understanding how insurance contracts work can be very beneficial when you are deciding if you need a lawyer after a car crash or other serious personal injury. There are seven basic principles applicable to insurance contracts relevant to personal injury and car accident cases:

Utmost Good Faith

Insurable Interest

Proximate Cause

Indemnity

Subrogation

Contribution

Loss Minimization

Below we explain each item briefly, including how each may relate to a potential injury lawsuit. These principles are open to interpretation. If you think one of these principles has been breached, or your insurance claim has wrongfully been denied, we recommend using our free case evaluation to help decide whether hiring a lawyer makes sense for you.