Describe the fundamental purposes of the principle of indemnity. What are the exceptions to the principle of indemnity? What is the legal significance of a material misrepresentation in an insurance application?

Principles of risk management

Answer the following thoroughly with support from the textbook (and further support with external research). Be sure to format your paper double spaced APA formatted while appropriately citing external sources and the textbook within and at the end of your work. Your work should be minimally two full pages of content (not counting works cited page)

1. ) Describe the fundamental purposes of the principle of indemnity. What are the exceptions to the principle of indemnity? Be sure to expand upon the exceptions. Do not just list. (25 points)

2.) What is the legal significance of a material misrepresentation in an insurance application? (15 points)

3.) What information is contained in the insuring agreement of an insurance policy? Be thorough in your explanation. (20 points).

4.) Describe the reasons why a peril may be considered uninsurable and therefore excluded from insurance contracts. (15 point).