what is the principle of insurance???
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Answered by
18
Answer:
7 principles of Insurances mentioned below:
Utmost Good Faith
Proximate Cause
Insurable Interest
Indemnity
Subrogation
Contribution
Loss Minimization
Answered by
32
Answer:
The basic principle of insurance is that an entity will choose to spend small periodic amounts of money against a possibility of a huge unexpected loss. Basically, all the policyholder pool their risks together. Any loss that they suffer will be paid out of their premiums which they pay
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