Principles Of Insurance

Explain any three principle of Insurance with example .

"The insured must have an Interest in the subject matter of insurance. "Which principle of insurance is related to this statement ?

"The cause for loss must be related to the purpose of insurance . "which principle of insurance is related to this statement?

"The insured must take care of his goods and other, for which insurance is being taken as he was taking insurance policy. "To which principle of insurance is the related ?

The insured should not be allowed to make any profit by selling damaged property or in the case of lost property being recovered. Which principle of insurance is accociated with this ?

A transport company took an accident insurance policy for all its vehicles. A truck of that company carrying oranges met with an accident. Due to that accident three was no damager to oranges but oranges were unloading from that truck and reloaded to another . Due to time wastage in unloading and reloading, the oranges got spoiled. Will the company get compensation for loss of oranges from the insurance company or not ? Which principle is related with this case ? Explain that principle of insurance.

A factory owner took a fire insurance policy for his factory without informing the insurance company that he received notice from electricity department to get the wiriing of the factory repaired. After six mounts of taking policy the factory caught fire due to faulty wiring . Will the factory owner get compensation for the loss due to fire? which principle of insurance is related with this case ? Explain that principle .