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Question
The principle of ______ is not applicable to life insurance.
Options
insurable interest
utmost good faith
indemnity
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Solution
The principle of indemnity is not applicable to life insurance.
Explanation:
The principle of indemnity means compensation is given only to cover the actual loss. It does not apply to life insurance because human life cannot be measured in money. Life insurance pays a fixed sum assured, not the actual financial loss suffered.
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