\u2022Insurance spreads risks and losses of few people among a large no. of people as people prefer small fixed liability instead of big uncertain & changing liability.
\u2022Insurance can be defined as a legal contract b/w 2 parties whereby one party calledInsu rer undertakes to pay a fixed sum of money on the happening of a particular event, which may be certain or uncertain.
\u2022Principle of Indemnity.
\u2022Principle of Causa Proxima.
\u2022Principle of Insurable Interest.
\u2022Doctrine of Subrogation.
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