What are the 3 principles of insurance?

What are the 3 principles of insurance?

Principles of Insurance Insurable Interest. Utmost good faith. proximate cause. Indemnity. Subrogation. Contribution.

What are the 7 principles of insurance?

To ensure the proper functioning of an insurance contract, the insurer and the insured have to uphold the 7 principles of Insurances mentioned below: Utmost Good Faith. Proximate Cause. Insurable Interest. Indemnity. Subrogation. Contribution. Loss Minimization.

What is insurance risk?

Risk — (1) Uncertainty arising from the possible occurrence of given events. (2) The insured or the property to which an insurance policy relates.