MANAGEMENT

Detailed explanation-1: -In insurance, there are 7 basic principles that should be upheld, ie Insurable interest, Utmost good faith, proximate cause, indemnity, subrogation, contribution and loss of minimization.

Detailed explanation-2: -Basic Principles of Insurance In the insurance world there are six basic principles that must be met, ie insurable interest, Utmost good faith, proximate cause, indemnity, subrogation and contribution.

Detailed explanation-3: -Maximization of Profit is not the principle of insurance. There are seven basic principles that create an insurance contract between the insured and the insurer: Utmost Good Faith, Insurable Interest, Proximate Cause, Indemnity, Subrogation, Contribution and Loss Minimization.

Detailed explanation-4: -In the world of insurance, there are six basic principles or forms of insurance coverage that must be fulfilled, including Utmost Good Faith, Insurable Interest, Indemnity, Proximate cause (proximal cause), Subrogation (transfer of rights or guardianship), and Contribution.