how is the principle of indemnity related to i surance contract ? explain in detail.
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The principle of indemnity asserts that on the happening of a loss the insured shall be put back into the same financial position as he used to occupy immediately before the loss. ... Consider a proposition wherein through over-insurance somebody is allowed to take more than the actual amount of loss.
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1
Explanation:
The principle of indemnity asserts that on the happening of a loss the insured shall be put back into the same financial position as he used to occupy immediately before the loss. ... Consider a proposition wherein through over-insurance somebody is allowed to take more than the actual amount of loss.
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