Shiva takes a fire insurance policy for his new office. In a fire accident his office is totally damaged. Insurance company paid the full policy value to Shiva. Now Shiva can’t sell the scrap to realize money from it, instead the insurance company will have a right over it. Identify and explain the principle of insurance which is applicable in the above case.
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Insurance is the right way to cover up in any situation whether it is damage or any financial crisis
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