principle of indemnity

states that the insured cannot gain from making a claim.

principle of subrogation

passes the legal right of the insured to recover any lose suffred over to the insurance.

the prinicple of contribution

if a risk is insured by 2 or more insurance companies, any compensation payable will be shared 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	passes the legal right of the insured to recover any lose suffred over to the insurance.
the prinicple of contribution	if a risk is insured by 2 or more insurance companies, any compensation payable will be shared between the companies.
under insurance	if something is not insured for its full market value then the compensation paid in the