THE PRINCIPLE OF INDEMNITY IN INSURANCE LAW

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AMIRAN BAKHSHAYESH ISA; BARIKLOU ALIREZA

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Journal: MAJLIS & RAHBORD Year:2015 | Volume:21 | Issue:80 Page(s): 169-193

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Title

THE PRINCIPLE OF INDEMNITY IN INSURANCE LAW

Author(s)

AMIRAN BAKHSHAYESH ISA | BARIKLOU ALIREZA | Issue Writer Certificate

Keywords

INSURANCE COVERQ2

DAMAGEQ2

UNDERLING PRINCIPLEQ1

THE PRINCIPLE OF FULL COMPENSATIONQ2

INSURANCEQ2

INSURERQ2

INSUREDQ2

INDEMNITY PRINCIPLEQ2

Abstract

Basically, the compensation of DAMAGE is the main purpose of Indemnity INSURANCE contract that is founded on the principle of indemnity. According to this principle, the full compensation of e victim’s losses, up to ceiling of INSURER’s obligations, is the main and inherent effects of Indemnity INSURANCE contract in INSURANCE law. Thus, the main obligation of an INSURER in the indemnity INSURANCE is compensation so the victim should be placed in a situation that it was if the INSURED risk actually has not occurred.Thus, in the Indemnity INSURANCE contract “the INDEMNITY PRINCIPLE” as the underlying principle has two function. First, the INSURER should compensate the DAMAGE incurred to property INSURED in property INSURANCE and to INSURED person in personal liability INSURANCE up to ceiling of INSURER’s obligations completely. Therefore, compensation should placed the victim in a situation that it was if the INSURED risk actually has not occurred.Second, compensation and payment of DAMAGEs should not increase the victim assets since the INSURANCE should never be a source of profit for the victims. This principle is the binding rule of the INSURANCE contracts according to it, the INSURER is committed to compensate the victim’s actual DAMAGE (assessed) up to ceiling of her obligations, in accordance with the terms and conditions of the INSURANCE policy.

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APA: Copy

AMIRAN BAKHSHAYESH, ISA, & BARIKLOU, ALIREZA. (2015). THE PRINCIPLE OF INDEMNITY IN INSURANCE LAW. MAJLIS & RAHBORD, 21(80), 169-193. SID. https://sid.ir/paper/224933/en

Vancouver: Copy

AMIRAN BAKHSHAYESH ISA, BARIKLOU ALIREZA. THE PRINCIPLE OF INDEMNITY IN INSURANCE LAW. MAJLIS & RAHBORD[Internet]. 2015;21(80):169-193. Available from: https://sid.ir/paper/224933/en

IEEE: Copy

ISA AMIRAN BAKHSHAYESH, and ALIREZA BARIKLOU, “THE PRINCIPLE OF INDEMNITY IN INSURANCE LAW,” MAJLIS & RAHBORD, vol. 21, no. 80, pp. 169–193, 2015, [Online]. Available: https://sid.ir/paper/224933/en

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