Insurance Commission Licensure Exam - Non-Life Practice Questions - Insurance Commission Licensure Exam - Non-Life General Insurance Agent (Philippines) Exam

The Principle of Indemnity states that after a loss has occurred, the insured should be:

Compensated to make a reasonable profit from the disaster Restored to approximately the same financial position as before the loss Given the full replacement value of all items regardless of depreciation Paid a flat rate determined solely by the local LTO office

Correct Answer:

Restored to approximately the same financial position as before the loss

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