Economics · Insurance Principles

The insurance principle of 'Contribution' entitles the insurer to:

Verified Solution4 OptionsUpdated: October 2026👁️1 View

1void the insurance contract if the insured has failed to disclose all material facts accurately.
2restrict the compensation to the actual financial loss suffered to ensure no profit is made.
3step into the legal position of the insured to recover the loss from a negligent third party.
4claim a proportionate share of the loss from other insurers who have covered the same interest.✓

Correct answer

claim a proportionate share of the loss from other insurers who have covered the same interest.

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