Quote:
Originally Posted by spinner1001
And, no, you are wrong that homeowner’s insurance will make you whole if your house suffers a catastrophic lightning strike. You did imply that in your earlier post in this thread. That’s just silly. Insurance will not make one whole for a catastrophic loss. But if you have REAL DATA (as you call it in your post above) to show otherwise, please share that data with us.
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The principle of indemnity is a fundamental principle of insurance contracts that aims to restore an insured party to the same financial position they were in before a loss or damage:
Explanation
The principle states that the insurance company will compensate the policyholder for the amount of the loss, up to the amount agreed upon in the contract. The goal is to reimburse the policyholder, not to allow the insurer to make a profit.