Explain the term insurable interest?
The insured must gain from the existence of the item and suffer financially from its loss
Explain the principal utmost good faith?
The applicant must tell the truth
Can you profit from interest?
No
What principle stops you from profiting from interest?
Indemnity
what is the second principle of insurance?
Utmost good faith
Explain the principle contribution
if you insure an asset with a number of insurance companies you will not recieve compensation from each
What is the first principal of insurance?
Insurable intrest
explain the principle indemnity?
You cannot profit from an insurance claim
what is the third principle of insurance?
indemnity
What is the fourth principle of insurance
contribution
what is the fifth principle of insurance
subrogation