Every human being faces uncertainties and risks in day-to-day activities. Hence,
insurance is necessary for all. It is a means of providing compensation against
loss occurred due to natural or manmade factors, Under this contract, explain the
various principles of insurance along with suitable examples.
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Explanation:
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
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