Which of the following is a function of insurance?

Utmost good faith

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Insurable Interest

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Protection

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All of the above

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Solution

The correct option is C
Protection

Protection is a function of insurance. Is to provide protection from probable chances of loss. Insurance cannot stop the happening of risk or any unforeseen event but can compensate for losses arising out of it.

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Similar questions

A contract of insurance is a contract of ___________________ which is based on utmost good faith.

Name the principle of insurance for each of the following statements:

(a)The insured is expected to disclose all the important facts related to the property insured.

(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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