Business Studies

State the following statement is True or False:
Insurer undertakes to compensate the loss suffered by insured.


ANSWER

True


SOLUTION
Insurance is a contract where one party agrees to indemnify the loss of other party at the time of loss, for a consideration. Insurer agrees to safeguards the insured to put him in the same position that he/she would have been in if the loss had not occurred. The principle of indemnity is applicable to the insurance contracts, except to life insurance contracts.
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TRUE/FALSE Medium Published on 18th 08, 2020
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