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Insurance - Coggle Diagram
Insurance
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Principles of Insurance
Indemnity: states that you cannot make a profit from insurance.
The compensation you receive is exactly equal to the value of the item you lost.
Contribution: states that if you insure your asset with a number of different insurance companies, you will not receive more compensation.
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Subrogation: states that once the insurance company has given you full compensation for an item, then that is all you can get.
Utmost Good Faith means that you must disclose all material information to the insurance company (insurer).
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