Protection against unforeseen events: The primary goal of an insurance contract is to provide the insured person with security and financial protection against unforeseen events that would result in a significant financial burden. Create Unique Insurance company The following are the fundamental principles of any insurance contract between an insurer and an insured: Absolute Trust. Interest that is insurable. Indemnity. In the world of insurance, six basic principles must be followed: insurable interest, utmost good faith, proximate cause, indemnity, subrogation, and contribution.

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