Mention which function explains the following:

It is the duty of the insured to take reasonable steps to minimise the loss or damage to the insured property.

Mitigation

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Utmost good faith

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Insurable Interest

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Subrogation

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Solution

The correct option is A
Mitigation

Mitigation. It is the duty of the insured to take reasonable steps to minimise the loss or damage to the insured property. If reasonable care is not taken like any prudent person then the claim from the insurance company may be lost.

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Similar questions

Which principle states that it is the duty of insured to take reasonable steps to minimise the loss or damage to the insured property?

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Which of the function explains the following :

After the insured is compensated for the loss or damage to the property insured by him or her then the right of ownership of such property is passed on to the insurer.

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(b) Insured must have some economic interest in the subject matter of Insurance contract.

(d) Insured is entitled to recover the loss suffered by him, up to the limit of policy amount

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Mention which function explains the following: It is the duty of the insured to take reasonable steps to minimise the loss or damage to the insured property.

The correct option is A Mitigation Mitigation. It is the duty of the insured to take reasonable steps to minimise the loss or damage to the insured property. If reasonable care is not taken like any prudent person then the claim from the insurance company may be lost.

Mention which function explains the following:

It is the duty of the insured to take reasonable steps to minimise the loss or damage to the insured property.

The correct option is A
Mitigation

Mitigation. It is the duty of the insured to take reasonable steps to minimise the loss or damage to the insured property. If reasonable care is not taken like any prudent person then the claim from the insurance company may be lost.