Identify the principle of insurance applicable to each of the following statements.HINT:Subrogation,Contribution,Insurable interest,Proximate cause,Utmost good faith,Indemnity.
| Statement |
Answer Column |
| a)Contract of insurance is based on mutual trust between the insured and the insurer. |
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| b)Scraps or remains that arise after compensation belongs to the insurance company. |
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| c)Returning insured back to his financial position and not to benefit him/her. |
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d)Okello could not be allowed to insure his neighbour's car |
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| e)Insuring of the same property against the same risk with two or more insurance companies. |
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| f)Muthoni’s insurer refused to compensate her after rioters pulled down her building that she had insured against fire. |
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