CONSUMER ADVICE

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Principles of Insurance :Indemnity

Is the placing of the insured in the same financial position after a loss as he/she was immediatley before the loss.

In the event of a claim the Insured must:

  1. prove that he/she has sustained a monetary loss
  2. prove the extent and value of his/her loss
  3. transfer any rights which he/she may have for recovery from another source to the Insurer, if he/she has been fully indemnified.

The settlement of the loss will be subject to the following limitations:

  1. Sum Insured
  2. Average
  3. Excess / deductible

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