MI Public Adjuster Practice Questions - Michigan Public Adjuster Exam

What is the principle of 'indemnity' as it applies to Michigan property insurance?

The insured should profit from a loss The insured should be restored to the same financial position they were in immediately before the loss — no better and no worse The insurer should pay the full policy limit for every claim The insured should receive double the value of the loss

Correct Answer:

The insured should be restored to the same financial position they were in immediately before the loss — no better and no worse

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