Which of the following is not a principle of insurance
-
A.
Insurable interest -
B.
Subrogation -
C.
Surrender value -
D.
Proximate cause
Correct Answer: Option C
Explanation
There are seven basic principles that create an insurance contract between the insured and the insurer:
- Utmost Good Faith
- Insurable Interest
- Proximate Cause
- Indemnity
- Subrogation
- Contribution
- Loss Minimization