Insurances: Indemnity, Insurable Interest and Onus of Proof

Description

This Skill Bit outlines key concepts in insurance, including indemnity, which aims to restore the insured’s financial position to pre-loss status by compensating actual losses without profit. It also explains insurable interest, ensuring legitimate coverage, and the onus of proof, which places the responsibility on the insured to provide evidence for their claims to validate coverage and determine potential payouts.

Duration approx. 3 Min.

Tier: proficiency