0
You visited us 0 times! Enjoying our articles? Unlock Full Access!
Question

State the following statement is True or False:
Insurer undertakes to compensate the loss suffered by insured.
  1. true
  2. false

A
True
B
False
Solution
Verified by Toppr

Insurance is a contract where one party agrees to indemnify the loss of other party at the time of loss, for a consideration. Insurer agrees to safeguards the insured to put him in the same position that he/she would have been in if the loss had not occurred. The principle of indemnity is applicable to the insurance contracts, except to life insurance contracts.

Was this answer helpful?
0
Similar Questions
Q1
State the following statement is True or False:
Insurer undertakes to compensate the loss suffered by insured.
View Solution
Q2
State the following statement is True or False:
The principle of insurance under which the compensation paid to the insured which is equal to the actual loss is indemnity.
View Solution
Q3

State True or False. Insurance provides certainty of payment for the risk loss.


View Solution
Q4

dummy - State True or False. Insurance provides certainty of payment for the risk loss.


View Solution
Q5

State True or False. Marine insurance provides protection against loss of rodent infestation.


View Solution