Question

Name the principle of insurance for each of the following statements: (a) The insured is expected to disclose all the important facts related to the property insured. (b) To claim for insurance the insured must take reasonable steps to minimize the loss.

Answer 1

Answer:

(a) utmost good faith

(b)) Mitigation

Explanation:

(a) there should be a mutal understanding between insurer and insured and insured must disclose all the happening event to insurer.

(b) the insured must take reasonable step to be safe after being insured for loss other if claim of loss to insurance company it may be lost if they say it. was a plan for money.

hope it help