Principle of Indemnity-Application of the principle of indemnity is an effort to control the faith-bad faith. Seek or utilize insurance for the purpose of seeking financial gain, through the manipulation of offset amounts.
Principle of Indemnity Compensation is defined as a definite and sufficient finances to restore the Insured's financial position after the loss, together with the financial position just before the occurrence of the loss event.
Indemnities from insurance is not likely to exceed the amount of loss actually happens (the implementation of the principle of Subrogation and Contribution Principle will be supporting / Cololtary this Indemnity Principle).
Restitution will be equal to the amount of real loss that the insured natural. Even if the amount is smaller successor, it must be caused by the application of the terms of coverage stated in the policy document agreement.
The method or manner of payment / reimbursement losses:
1. Payment in cash / cash
2. By way of repair which repairs performed by the Insurance Company.
3. Reinstate the way the rebuilding of damaged buildings due to loss events. The reconstruction was carried out by an insurance company.
4. Replace the way the election or replacement with similar objects.
Assets in insurance rates, coverage should be done in accordance with the prices of healthy insured object in question. Coverage under a healthy price will result in a prorate restitution.
Principle of Indemnity Compensation is defined as a definite and sufficient finances to restore the Insured's financial position after the loss, together with the financial position just before the occurrence of the loss event.
Indemnities from insurance is not likely to exceed the amount of loss actually happens (the implementation of the principle of Subrogation and Contribution Principle will be supporting / Cololtary this Indemnity Principle).
Restitution will be equal to the amount of real loss that the insured natural. Even if the amount is smaller successor, it must be caused by the application of the terms of coverage stated in the policy document agreement.
The method or manner of payment / reimbursement losses:
1. Payment in cash / cash
2. By way of repair which repairs performed by the Insurance Company.
3. Reinstate the way the rebuilding of damaged buildings due to loss events. The reconstruction was carried out by an insurance company.
4. Replace the way the election or replacement with similar objects.
Assets in insurance rates, coverage should be done in accordance with the prices of healthy insured object in question. Coverage under a healthy price will result in a prorate restitution.
PLEASE HELP US SHARE THIS ARTICLE
About the Author
0Awesome Comments!