- Principle of Indemnity aims to restore the insured to their financial position before the loss occurred. - It is a fundamental principle in most forms of non- life (general) insurance. - Life insurance is a 'contingency' contract or 'assurance' contract, not strictly an 'indemnity' contract, as the event insured against (death) is certain to happen, and the value cannot be measured.
"Principle of Indemnity" does not apply to
Asked in UPPSC Upper Mains 2009 · Topic: Tertiary Sector (Financial Services: Banking, Insurance, Capital Markets, and Financial Inclusion)
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