WAEC Commerce 2012 Theory question 104

(a) Credit is the receipt of goods, services or money now, with a promise to pay at a future date (usually with interest).
(b) Six principles, explained: utmost good faith – disclose all material facts; insurable interest – must suffer loss if the event happens; indemnity – restored to position before the loss, no profit; contribution – insurers of the same risk share the loss; subrogation – insurer takes over the insured's rights after paying; proximate cause – the main cause of loss must be an insured risk.

Each principle needs a one-sentence explanation.