III IC-11 Practice Questions - III IC-11 Practice Of General Insurance Exam

Which statement best describes the principle of indemnity as applied in most general insurance policies?

The insured should profit from a loss The insurer restores the insured to the pre-loss financial position, subject to policy terms The insurer always pays the full sum insured regardless of loss size Indemnity applies only to life policies

Correct Answer:

The insurer restores the insured to the pre-loss financial position, subject to policy terms

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