Principle of Indemnity

IE-IFS Insurance Products Free JAIIB Capsule 33 views Updated
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IE-IFS · Insurance Products
A person insures their Rs 5 Lakh car for Rs 10 Lakhs. If destroyed, they only get Rs 5 Lakhs. Which principle prevents them from making a profit?
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A person insures their Rs 5 Lakh car for Rs 10 Lakhs. If destroyed, they only get Rs 5 Lakhs. Which principle prevents them from making a profit?

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