Fill in the blanks using appropriate word(s).
i. The principle of utmost good faith is based on ____________ between
insurer and insured.
ii. In life insurance contract the insurer must have insurable interest at the
time of ___________.
iii. The purpose behind the principle of ___________ is that, the insured
is not allowed to make profit from the insurance contract.
iv. If there are two or more insurers and the insurance claim is paid by one
of them, other insurers have to contribute ________ to the insurer who
has paid the claim
Answers
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0
Answer:
1)mutual faith, 2)contract, 3)principle of indemnity,4)principle of contribution,
Answered by
0
Answer:
i. 'The principle of 'utmost good faith' is based on 'Mutual trust and confidence' between 'insurers and insured.'
ii. In the 'life insurance contract', the insurer must have an 'insurable interest' at the time of Contract'.
iii. 'The 'purpose behind the 'principle of Indemnity' is that the 'insured is not allowed' to make a profit' from the 'insurance contract.'
iv. 'If there are two or more insurers' and the 'insurance claim' is paid by one of them, other insurers have to 'contribute proportionately to the insurer' who has paid the claim.'
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