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Which principle of insurance restores the insured to the same financial position after a loss, without allowing them to profit from it?
The principle of indemnity compensates the insured for the actual loss suffered, no more and no less, so the policy restores your position rather than becoming a source of profit.
Performance analysis
IC-01 · Mock test · 100 questions
78%
Score
Principles of Insurance and Risk & Hazard: above 90% accuracy.
Reinsurance and Insurance Accounts: revise chapters 10 and 11.
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Under the doctrine of subrogation, once an insurer settles a claim in full, the right to recover from a negligent third party passes to the:
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