Which of the following is not the principle of insurance:
A. Utmost Good Faith
B. Principle of Contribution
C. Maximization of Profit
D. Causa Proxima
Answer: Option C
Solution(By Examveda Team)
Maximization of Profit is not the principle of insurance. There are seven basic principles that create an insurance contract between the insured and the insurer: Utmost Good Faith, Insurable Interest, Proximate Cause, Indemnity, Subrogation, Contribution and Loss Minimization.Related Questions on Insurance
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