Which of the following is a function of insurance? (2024)

Q.

A contract of insurance is a contract of ___________________ which is based on utmost good faith.

Q. Select the proper option from the options given below and rewrite the completed sentences.

Principle of utmost good faith is applicable to _________.
(a) Life insurance
(b) Marine insurance
(c) All types of insurance

Q. Write a word or phrase or a term which can substitute each one of the following:

The principle of insurance under which the insurer and the insured must show complete faith towards each other

Q.

Name the principle of insurance for each of the following statements:

(a)The insured is expected to disclose all the important facts related to the property insured.

(b) Insured must have some economic interest in the subject matter of Insurance contract.

(c) To claim for insurance the insured must take reasonable steps to minimize the loss.

(d) Insured is entitled to recover the loss suffered by him, up to the limit of policy amount