: The legal principle that insurance should restore the insured to the same financial position they were in prior to a loss, without providing a profit.
Foundational concepts that govern the legal and ethical framework of insurance contracts: Dictionary of Insurance Terms
: A document providing formal evidence of insurance coverage, often required for business contracts. : The legal principle that insurance should restore
: A formal document that changes or adds provisions to the original insurance policy. Industry Specific Terminology Key terms used in underwriting and claims processing: Dictionary of Insurance Terms