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Explain the following principles of insurance …

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Explain the following principles of insurance with example: 1. Principle of indemnity 2. Principle of subrogation

Posted by Hemant Ritesh Sourashtriya 7 years ago

CBSE > Class 11 > Business Studies

2 answers

Suhani Sharma 7 years ago

Principle of Subrogation After the insured gets the claim money, the insurer steps into the shoes of insured. After making the payment insurance claim, the insurer becomes the owner of subject matter. For example :- Ram took a insurance policy for his Car. In an accident his car totally damaged. Insurer paid the full policy value to insured. Now Ram can't sell the scrap remained after the scrap.

Suhani Sharma 7 years ago

) Principle of Indemnity Insured can't make any profit from the insurance contract. Insurance contract is meant for coverage of losses only Indemnity means a guarantee to put the insured in the position as he was before accident This principle doesn't apply to life insurance contracts

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