The principle of indemnity is based on the concept that insurance should:
A. Provide financial protection to the insured.
B. Promote risk sharing among the insured.
C. Ensure that the insured is compensated for any loss or damage suffered.
D. Encourage the insured to take all necessary precautions to prevent a loss.
Answer:C
The principle of indemnity is based on the concept that insurance should:
A. Provide financial protection to the insured. B. Promote risk sharing among the insured. C. Ensure that the insured is compensated for any loss or damage suffered. D. Encourage the insured to take all necessary precautions to prevent a loss.