Question

Explain Principle of indemnity​

Answer 1

• Principle of Indemnity states that the insured shall be compensated appropriately for the losses caused to the goods by the insurer, only to the extent that the insurer does not make a profit out of the loss that occurred. ... Principle of Indemnity is applicable in case of fire insurance and marine insurance contracts.

Answer 2

Principle of Indemnity states that the insured shall be compensated appropriately for the losses caused to the goods by the insurer, only to the extent that the insurer does not make a profit out of the loss that occurred. ... Principle of Indemnity is applicable in case of fire insurance and marine insurance contracts.