Rohan's restaurant caught fire, his immediate action was to take reasonable steps to minimise the loss or damage to the insured property. Which of the principle is he abiding?

Principle of Utmost Good Faith

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Principle of Indemnity

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Principle of Mitigation

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Principle of Contribution

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Solution

The correct option is C
Principle of Mitigation

He is abiding by the Principle of Mitigation.

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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?

It is the prime responsibility of the insured party to take reasonable steps to minimise loss/damage to the insured property. Name the principle of insurance in this scenario.

State the following statement is True or False:

The principle of insurance under which the compensation paid to the insured which is equal to the actual loss is indemnity.

Q. Which of the following talks about the principle of utmost good faith?

Fill in the blank:

The principle of indemnity is not applicable to ______ insurance.

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Rohan's restaurant caught fire, his immediate action was to take reasonable steps to minimise the loss or damage to the insured property. Which of the principle is he abiding?

The correct option is C Principle of Mitigation He is abiding by the Principle of Mitigation.

The correct option is C
Principle of Mitigation

He is abiding by the Principle of Mitigation.