The principle of indemnity does not apply to life and personal accident insurance. This is because the purpose of life and personal accident insurance is to provide financial protection in the event of death or injury, not to compensate for the loss of property. In other words, the insured is not entitled to be made whole for their loss, but rather to receive a sum of money that is intended to help them cope with the financial consequences of their death or injury.
Burglary insurance, fire insurance, and marine insurance are all types of property insurance. The principle of indemnity applies to all types of property insurance, which means that the insured is entitled to be made whole for their loss. This means that the insurer will pay the insured the amount of money that it would cost to replace the lost property, up to the limits of the policy.
In the case of life and personal accident insurance, the principle of indemnity does not apply because the purpose of the insurance is to provide financial protection, not to compensate for the loss of property. In the event of death or injury, the insured is not entitled to be made whole for their loss, but rather to receive a sum of money that is intended to help them cope with the financial consequences of their death or injury.