Which of the following is not a principle of insurance

What are the principles of insurance?

Principles of Insurance are as follows: It states that both the parties to contract must enter into a contract in good faith. They both should reveal all material information and facts regarding contract to each other accurately and honestly.

What is meant by the principle of insurable interest?

This principle states that insurance policy holder must have insurable interest in the subject matter of insurance. He must have some vested interest in it and must be affected by existence and non-existence of object of insurance. It is not necessarily required by insured to be the owner of insurance object.

What is the principle of honesty in insurance?

This principle elucidates that there should be complete honesty when it comes to sharing of information between the policyholder and the insurance company and vice versa. All facts relating to the object of insurance must be completely and correctly provided by the policyholder to the insurance company.