Under the principle of insurance, the compensation that is provided is for the losses resulted from the risk existed previously. In some circumstances, for example natural disaster, not all losses could be claimed from the insurance company through the insurance policy subscribed. Discuss on why some losses could not be compensate under the law of insurance.
Some losses couldnot be compensate under insurance
- Lack of proper physical evidence
- Areas under severe threat
- Devsatated stage beyond coverage and claim amount
- Catastrophes by man made actions
In all the above casee due to natural disaster it is quite difficult to get insurance coverage properly.
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Question & Answer: Under the principle of insurance, the compensation that is provided is for the losses resulted from the…