Question

Explain briefly the principles of insurance

Answer 1

Answer:

The principle of indemnity is such principle of insurance stating that an insured may not be compensated by the insurance company in an amount exceeding the insured's economic loss.... The purpose of this principle is to set back the insured to the same financial position that existed before the loss or damage occurred.

Explanation:

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Answer 2

Explanation:

The principle of indemnity is such principle of insurance stating that an insured may not be compensated by the insurance company in an amount exceeding the insured's economic loss. ... The purpose of this principle is to set back the insured to the same financial position that existed before the loss or damage occurred.