Insurance · Insurance Laws and Principles

Consider the following statements regarding Indian insurance laws and principles: I. Every insurer in India is required to keep a 'Statutory Deposit' with the Reserve Bank of India to ensure their long-term commitment. II. An absolute assignment of an insurance policy transfer rights and titles, and it cannot be revoked once it is complete. III. In general insurance, the sum insured represents the maximum limit of indemnity, whereas in life insurance, the sum assured is a fixed benefit. IV. In double insurance, the insured can collect the full claim amount from multiple insurers to earn a profit. V. Subrogation allows an insurer, after settling a claim, to recover the loss from a negligent third party. Which of the following assessments of these statements is most accurate?