Asked by
Sandy de jesus
on Nov 23, 2024Verified
Where a building, insured against fire, burns due to a source of fire totally unforeseen by the insured and the insurer, no obligation to indemnify rests upon the insurer.
Insured
A person or entity covered under an insurance policy, providing protection against specified risks or losses.
Indemnify
To compensate for harm or loss, or to provide a security against any financial burden that might arise.
Fire
A rapid oxidation process generating heat, light, and various reaction products, often used for heating, power generation, or as a hazard.
- Acquire knowledge on the principle of indemnity and its effects on insurance claims.
Verified Answer
AA
Learning Objectives
- Acquire knowledge on the principle of indemnity and its effects on insurance claims.
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