Insurance works on the principle of:

Insurance works on the principle of:

a. Sharing of losses
b. Probabilities
c. Large numbers
d. Randomness
e. All of the above

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The Correct Answer for the Given Question is Option e. All of the above

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Insurance policies are defined by seven basic principles:

  • Utmost Good Faith
  • Insurable Interest
  • Indemnity
  • Contribution
  • Subrogation
  • Loss Minimization
  • Proximate Cause

Which of the following best describes fixed period settlement option

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