Question

The type of insurance where the principle of indemnity is not applicable. Answer in a word / phrase / term.

Answer 1

1⃣Replacement cost coverage 

2⃣Personal accident insurance

3⃣Life insurance

Answer 2

Answer:

Thinking about the basis of insurance suggests that insurance is a form of cooperation in which all insured people, who may be at risk, pay a premium, while only a few (very few) of them, who actually Losses are compensated. In fact, the risk factor is higher but only a few of them are harmed in a given period. The insurer (company) works to distribute the losses of the insured parties to the rest of the insured parties. Scorching of an object due to excessive pressure of an object is not considered as a fire. The law of the imperative of "sparking" does not apply to any loss of power. Damage caused by an explosion is not called loss from fire, even if the explosion was caused by fire.