Explain principles of insurance ??
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A principles is risk management based on assumptions of expect outcomes, in which the law of averages is applied in theroy ,or in practice to approximate those outcome.Used by in insurance companies to quantify risk factors and determine the cost of indemnity .
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The 7 Principles of Insurance:-
- Utmost Good Faith.
- Insurable Interest.
- Proximate Cause.
- Indemnity.
- Subrogation.
- Contribution.
- Loss Minimization
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