Basic principles of insurance - SS2 Commerce Past Questions and Answers - page 1

What is the principle that requires both the insurer and the insured to act honestly and disclose all relevant information?

Which principle states that the insured must have a financial or legal interest in the subject matter of the insurance policy?

What does the principle of indemnity aim to achieve?

What does subrogation allow the insurance company to do?

Which principle prevents insurance from being used as a means of speculation or gambling?

Define the principle of utmost good faith.

What is the purpose of subrogation in insurance?