Question

Explain the Principle of Contribution...​

Answer 1

The principle of contribution states that the worth of an improvement is what it adds (or contributes) to the market value of the entire property, not what it cost to add the improvement. It is used to will maintain continued existence to preserve the principle of indemnity.

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Answer 2

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The principle of contribution is implemented when multiple insurance policies are covering the same property or loss, the total payment for actual loss is proportionally divided among all insurance companies. ... It is used to will maintain continued existence to preserve the principle of indemnity.

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