Which is not covered under the principle of indemnity?
The principle of indemnity does not apply to Life and Personal Accident insurance. According to the standard of insurance, the reason for an insurance agreement is to convey back the insured to a similar financial position as he or she was before the loss occurs to him or her (because of a mishap).
Which of the following is a contract of indemnity?
A contract by which one party promises to save the other from loss caused to him by the conduct of the promisor himself, or by the conduct of any other person, is called a contract of indemnity.
Which of the following is not included in life insurance contract?
The contract of indemnity is defined as, " A contract where one party promises to save the other from the loss caused by the conduct of the promisor himself or by the conduct of any other party." In a life insurance contract, nobody can save the life of the person. Hence, contract of indemnity does not apply here.
Which of the following Cannot be the object of a contract of insurance?
Lending of funds is not a function of insurance.
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