c. List any four principles of insurance

Here are four principles of insurance:

• Utmost Good Faith (Uberrimae Fidei): Both parties (insurer and insured) must disclose all material facts honestly.
• Insurable Interest: The insured must have a financial stake in the subject matter of the insurance.
• Indemnity: The insured should be compensated for the actual loss suffered, not profit from the loss.
• Subrogation: After paying a claim, the insurer gains the right to pursue recovery from a third party responsible for the loss.