The concept that the insured should not profit from an insurance transaction is called:

Question

Social Studies

Kolby

11 January, 11:28

The concept that the insured should not profit from an insurance transaction is called:

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Answers (1)

Know the Answer?

Kobe · Answer 1

answer is principle of indemnity

Explanation:

solution

profit from an insurance transaction is called the principle of indemnity

here indemnity means security or the protection against any financial liability so

Principle of indemnity is restoring the insured to the same financial condition as before the loss of it

it mean there is no profit also

so answer is principle of indemnity