Principle of utmost good faith
Insurable interest
Indemnity principle
None of the above
✅ The correct answer is B.
Insurance is not gambling because of the presence of Insurable interest. Without an insurable interest, it would be wagering, contract. Thus, this principle clearly distinguishes the insurance contract from the gambling.
Insurance is not gambling because of the presence of Insurable interest. Without an insurable interest, it would be wagering, contract. Thus, this principle clearly distinguishes the insurance contract from the gambling.