**Principles of Insurance**: 1. **Utmost Good Faith (Uberrima Fides)**: Requires full disclosure of all material facts regarding risk in the insurance contract. 2. **Insurable Interest**: A legal prerequisite for any insurance contract, meaning the insured must have a stake in the subject matter. 3. **Indemnity**: Ensures compensation to the insured for loss, limited to the amount of the actual loss. 4. **Subrogation**: Transfers the insured's rights to the insurer regarding the insured subject matter. 5. **Contribution**: If the same property is insured with multiple companies, total compensation cannot exceed the actual loss. 6. **Proximate Cause**: Relates to how the loss occurred and whether it's due to an insured peril.  **Utmost Good Faith or ‘Uberrima Fides’:** Utmost Good Faith, or "Uberrima fides," is a key principle in insurance contracts requiring parties to fully and accurately disclose all material facts related to the risk, whether asked or not. Unlik...