Fire and Consequential Loss Insurance - IC 57 Exam Study Notes

The principle of indemnity simply says that 'the insured is adequately indemnified if he is restored to the financial position which he occupied at the time of his loss in relation to the property'.
The principle of indemnity has two corollary principles i. Principles of contribution and ii. Principles of subrogation
In fire insurance, ?onus of proof? that the loss was the direct result of fire rests with insured.
Onus of proof (or burden of proof as it is otherwise called refers to the task or duty imposed on someone to prove that what he has stated or affirmed is true.)
Ex-gratia payments are claims which are paid as a matter of grace where the loss is outside the scope of the policy or the liability under the policy, in strict legal terms, is doubtful.

Important Points for IC 57 - Fire and Consequential Loss Insurance Exam