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Insurance
Term | Definition |
---|---|
Indemnity | You cannot make a profit from insurance |
Utmost Good Faith | You must be truthful in all aspects of the insurance process |
Subrogation | The insurance company is entitled to seek compensation |
Contribution | If you are insured with more than 1 company, they will split the compensation |
Insurable Interest | You must gain from the existence of the item and suffer by its loss |