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What is insurance what are the principles of insurance?

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What is insurance what are the principles of insurance?

Question is taken from Insurance subject matter

This question was addressed to me during an interview.

Other related questions to my question are:

What is insurance and its principles?

What is called insurance?

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What is the principal in insurance?

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Correct answer is: Insurance contracts are created solely as a means to provide protection from unexpected events, not as a means to make a profit from a loss. Therefore, the insured is protected from losses by the principle of indemnity, but through stipulations that keep him or her from being able to scam and make a profit.

The title of my answer can be The 7 Principles of Insurance Contracts: When You Need A

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