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Name the principle of insurance violated in the following cases.1. ‘A’ does not own the building but is trying to get it insured as a party to the insurance policy. 2. ‘A’ enters into life insurance contract with LIC of India. ‘A’ was ailing with heart decease but he did not reveal this at the time of entering the contract.3. ‘B’ enters into insurance contract with two companies ‘C’ and ‘D’. The subject matter is a building worth ₹ 5 lakh. The building caught fire and properties worth ₹3 lakhs were damaged. ‘C’ paid the entire claim and asked ‘D’ to share the claim. ‘D’ denies.4. Goods worth ₹50,000 are damaged and the insurance company pays the claim to ‘Z’ for the loss. ‘Z’ not only took the compensation for loss but also claims the damaged goods.5. ‘P’ takes an insurance policy for ₹1 lakh with ‘Q’ company. The goods of ‘P’ are damaged due to fire the loss incurred is ₹25,000. ‘Q’ shall restore the actual loss but ‘P’ claims full amount of the policy. |
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Answer» 1. Principle of insurable interest 2. Principle of utmost good faith 3. Principle of contribution 4. Principle of subrogation 5. Principle of Indemnity |
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