Term of Day
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One of the basic tenets of
, that the
from a loss or
but should be returned (as near as possible) to the same
that existed before the loss or damage occurred. In other words, the insured cannot recover more than his or her
. There are, however, certain exceptions to this
, such as personal
and life insurance policies where the
is paid on occurrence of accident or
and the question of profit does not arise. Some
policies also constitute an
is based on a sum agreed upon at the time the
letter of indem...
ex gratia payme...
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