Ambika took an insurance policy for her home without disclosing that the home is being used to house
a catering business. After few months, gas cylinder explosion, caused major damage to her property.
Consequently, she filled a claim against the insurance company discovered about the commercial use of the
home and refused to pay any claims .identify and explain the other principles of insurance
Answers
Answered by
0
-at the time of underwriting should disclose the truth...
-insurance is mitigation of risk which is genuine
- premium is paid in advance to not to provide free lunch
- insurance works on law of large numbers
Similar questions