How Principle of Contribution Works in Insurance:- The Principle of Contribution is a fundamental concept in the field of insurance, which plays a crucial role in managing risk. It refers to the right of an insurer who has paid under a policy to call upon other interested insurers in the loss to contribute rateably to … Read more
Insurance Contract:- Insurance contracts are legal agreements between two parties, the insurer and the insured, that outline the terms and conditions of the insurance coverage. Insurance contracts are essential for managing risk and protecting individuals and businesses from financial loss. These contracts can be complex, and it is essential to understand the elements and clauses … Read more
Principle of Indemnity in Insurance:- The Principle of Indemnity is a fundamental concept in the insurance industry that governs the compensation paid to policyholders. It is a legal principle that aims to restore the policyholder to the same financial position they were in before the loss occurred. The principle of indemnity is based on the … Read more