Question

If any person gets his property insured by three insurance companies, then at the time of occurrence of loss, all the three companies will compensate for the loss faced but in a proportionate manner. Every company will not pay the full compensation individually. Moreover, the total amount paid by the insurance company , will not, in any condition, exceed the actual loss incurred. Name the principle of insurance to which the above statement relates.

1 point

Contribution

Indemnity

Subrogation

Insurable Interest

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Answer 1

Answer:

principal of contribution and indemnity