A) Under this insurance contract both the parties should have faith over each other. As a client it is the duty of the insured to disclose all the facts to the insurance company. Any fraud or misrepresentation of facts can result into cancellation of the contract.
B) That an insured may not be compensated by the insurance company in an amount exceeding the insured's economic loss.
C) Under this principle of insurance, the insured must have interest in the subject matter of the insurance. Absence of interest makes the contract null and void.
D) It enables the insured to claim the amount from the third party responsible for the loss. It allows the insurer to pursue legal methods to recover the amount of loss.
E) None of the above
Correct Answer: B
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