IIQE Paper 6 Practice Questions - IIQE Paper VI - Travel Insurance Agents Examination Exam

Under the principle of indemnity, what is the purpose of an insurance payout for a baggage claim?

To put the insured in a better financial position than before the loss To restore the insured to the same financial position they were in immediately before the loss To pay the original retail price of every item regardless of age To provide a fixed cash sum unrelated to the actual loss

Correct Answer:

To restore the insured to the same financial position they were in immediately before the loss

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