Anubhav took a fire insurance policy for his property worth Rs. 10,00,000 with two insurers: Shri Ram General Insurance Co. Ltd. for Rs. 8,00,000 and Bajaj Allianz General Insurance Co. Ltd. for Rs. 4,00,000. An electric short circuit in his property caused fire and it resulted in a loss of Rs. 3,00,000. He filed a claim for Rs. 3,00,000 against each of the two insurance companies. Which principle of insurance is highlighted in the above case?
(a) Subrogation
(b) Indemnity
(c) Contribution
(d) Mitigation
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Answer:
b is correct
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