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Indemnity Question-Business Studies

  • 13-06-2010 12:54pm
    #1
    Rich1691
    Registered Users, Registered Users 2 Posts: 302 ✭✭


    If you were defining The principle of Indemnity would you have to include: 1. There can be no profit on the insurance claim 2. The amount for which the asset is insured is usually the cost of replacing it 3. The amount of the total sum insured is not relevant if over-insurance applies 4. If under-insurance occurs then the concept of Average Clause applies.

    Would that be enough to get you the marks and is there anything else that needs to be included? Would you need to explain what Average Clause and Over-Insurance are?

    Thanks in advance,
    Rich


Comments

  • #2
    madlad88
    Registered Users, Registered Users 2 Posts: 172 ✭✭madlad88


    thats more then anough i highly doubt you would a question on that on its own like! you would be more likely to get a question on 2 or more of the principles of insurance


  • #3
    theowen
    Registered Users, Registered Users 2 Posts: 1,744 ✭✭✭theowen


    madlad88 wrote: »
    thats more then anough i highly doubt you would a question on that on its own like! you would be more likely to get a question on 2 or more of the principles of insurance
    +1.


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