![]() ![]() ![]() Insurance contracts are created solely as a means to provide protection from unexpected events, not as a means to make a profit from a loss. You get $3,000 not the full amount.Ĭompensation is not paid when the incident that caused the loss doesn’t happen during the time allotted in the contract or from the specific agreed upon causes of loss (as you will see in The Principle of Proximate Cause). ![]() For instance, if your car is inured for $10,000 but damages are only $3,000. The insurance company will pay up to the amount of the incurred loss or the insured amount agreed on in the contract, whichever is less. The amount of compensation is in direct proportion with the incurred loss.
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