principles of insurance: insurable interest, utmost good faith, indemnity, contribution, subrogation.
II: you must have a personal financial interest in whatever youe insuring. you must benefit frm its existence and suffer from its loss.
utmost good faith means you must be completely honest with your insurer about the items youre insuring and the material details and amounts of money theye worth.
indemnity states that you cannot make a profit from insurance. insurance is made so that the compensation pays back for the damages and no more.
contribution states that if you insure your good with mor then one insurer then if you makea claim, both of the indurers will split the cost of your compensation between them.
subroation states that if the insurer has to pay back full compensation, they have the right to own and keep the item insured or to sue a third party. it links to the principle fo indemnity which states that you cannot profit off of insurance.