Which is not a principle of insurance?

If the insured is not taking necessary steps to reduce the loss of risks, which principle of insurance is being violated by the insured here?

Rishabh has taken a life insurance policy hiding the fact that he is a heart patient. Later on he dies of a heart attack. Is insurance company liable to pay the insured amount to heirs of Rishabh?

Mr. Arora lives in Mumbai. He has friendly relations with an old lady living in his neighbourhood. Can he take a life insurance policy for her?

Yanglha is a businesswoman. She owns two warehouses called SAFE CO. She stores goods for various e commerce websites. She had purchased a fire insurance for both the warehouses. Due to a short circuit in the warehouse, all the products caught fire. Yanglha, who lived nearby, saw the fire but did not take appropriate steps to save her property. Identify the principle of insurance which she breached.

Geeta is a trader dealing in food grains. She entered into a contract with XYZ company, wherein XYZ agreed to protect against loss incurred by Geeta in business. In consideration for this service, Geeta agreed to make regular payments to XYZ company. Which type of an agreement is this? What is it called?

The contract issued by the insurance company to the insured is called ______

Insurance can also be sold through by Banks.

Laila Khan insured her penthouse against fire for Rs 10 lakh. In August, a fire broke out in her locality which damaged her house due to which she suffered a loss of Rs 6 lakh. How much will be paid to Laila Khan by the insurance company?