Question

Identify and explain the principle of insurance for each of the following statements:

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(a)The insurer is expected to disclose all the important facts related to property

insured.

(b)Insurer is not liable for any uninsured causes or perils.

(c) Insured is entitled to recover the loss suffered by him, up to limit of

policy amount.

(d)Insured must have some economic interest in the subject matter of insurance

contract.

(e)Insurer can stand in the position of the insured once the claim is settled.

(f)To claim for insurance the insured must take reasonable steps to minimize

the loss.​

Answer 1

Answer:

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