Question

2. Identify and explain the principles of insurance involved by insurance company
by accepting the claim amount.​

Answer 1

Answer:

The 7 Principles of Insurance Contracts: When You Need A Lawyer

Utmost Good Faith.

Insurable Interest.

Proximate Cause.

Indemnity.

Subrogation.

Contribution.

Loss Minimization.

Answer 2

Answer:

To claim the amount of insurance, the insured must be the owner of the subject matter both at the time of entering the contract and at the time of the accident. This principle says that insurance is done only for the coverage of the loss; hence insured should not make any profit from the insurance contract.