Question

Explain the principle of loss return. std 11th.

O.C.​

Answer 1

Answer:

According to the Principle of Loss Minimization, the insured must always try his level best to minimize the loss of his insured property, in case of sudden events like fire, etc. The insured must take all necessary steps to control and reduce the losses and to save what is left. This principle makes the insured more careful in respect to this insured property, just as any prudent person would do in those circumstances. If he does not do so, the insurer can avoid the payment of loss attributable to his negligence. But it must be remembered that though the insured is bound to do his best for his insurer, he is, not bound to do so at the risk of his life.

plz mark as brilliant

Answer 2

please check attachment and answer fast