Which of the following is not principles of insurance?
Maximization of Profit is not the principle of insurance. There are seven basic principles that create an insurance contract between the insured and the insurer: Utmost Good Faith, Insurable Interest, Proximate Cause, Indemnity, Subrogation, Contribution and Loss Minimization.
Which of the following is not included as principles of life insurance?
Solution. Principle of indemnity is not applicable to life insurance.
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