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Asked by Sayed Last Modified
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The principle of indemnity is not applicable in case of life insurance because under life insurance, the insurer is required to pay the fixed amount agreed upon in advance in the event of death or on the expiry of the period of the policy. The reason is that the life of a person cannot be valued in terms of money and therefore the question of compensation of actual loss does not arise. Thus, a contract of life insurance is a contingent contract or a contract of guarantee. It is not a contract of indemnity.
read less Deepika Agrawal
Interested to teach to class 1 to 5 , 6 to 10 , 11&12
According to the principle of indemnity, the purpose of an insurance contract is to bring back the insured to the same financial position as he or she was before the loss occurred to him or her (because of a mishap). But in case of life insurance, lifeof a person can not be brought back.
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