principle of indemnity

states that the insured cannot gain from making a claim

principle of subrogation

passses the legal right of the insured to recover any loss suffred over to the insurance

principle of contribution

if a risk isinsured by 2 or more insurance companies any compensation payable will be shares between the companies

if something is not insured for its full market value then the compensation paid in the

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insurance

Term	Definition
principle of indemnity	states that the insured cannot gain from making a claim
principle of subrogation	passses the legal right of the insured to recover any loss suffred over to the insurance
principle of contribution	if a risk isinsured by 2 or more insurance companies any compensation payable will be shares between the companies
actuary
underinsurance	if something is not insured for its full market value then the compensation paid in the