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Today General Knowledge(GK)
Which of the following principles of Insurance assures about the financial interest that the assured possesses in whatever is being insured?
A)
Utmost Good Faith
B)
Principle of Indemnity
C)
Insurable Interest
D)
Principle of Contribution

Correct Answer : Option (C) - Insurable Interest



The person (the assured) should possess the thing whatever he has opted to get insured. In other words, it is the right of a person to insure something which, when lost or damaged, would mean a financial loss to him.
The person cannot insure something that he does not own.

Published On : June 2, 2021
Category : Insurance and Finance
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