About this document
Legal Principles in Insurance Contracts by Manoj Solankar is a document available to read on EtoBox.
The document outlines several important legal principles underlying insurance contracts: The principle of indemnity states that the insured should be restored to their financial position prior to a loss, not receive a payout that leaves them better off. Actual cash value (ACV) supports this by basing payouts on replacement costs minus depreciation. Replacement cost coverage is an exception offered by insurers when moral hazard is low. Insurable interest requires the insured to have a stake in the insured
- Author
- Manoj Solankar
- Language
- EN