C12 Insurance On Property Practice Questions - Insurance Institute Of Canada - C12 Insurance On Property Exam

It allows the insured to profit from a loss by recovering more than the actual financial value of the property destroyed. It aims to restore the insured to the same financial position they occupied immediately prior to the loss, no more and no less. It guarantees that the insurer will always pay the maximum limit of liability stated in the policy, regardless of the size of the loss. It requires the insured to pay a portion of every loss out of pocket before the insurer contributes.