1) The doctrine of utmost good faith is a principle used in insurance contracts, legally obliging all parties to act honestly and not mislead or withhold critical information from one another. It is the duty of the insured to disclose all the material facts RELATING to risk to be covered. A material fact refers to the fact which would influence the mind of the prudent under-writer in deciding whether to accept a risk for insurance and on what terms. 2) Principle of Indemnity states that the insured shall be compensated appropriately for the losses caused to the goods by the insurer, only to the extent that the insurer does not make a profit out of the loss that occurred. Principle of Indemnity is applicable in case of fire insurance and marine insurance contracts.3) Insurable interest is a type of investment that protects anything subject to a financial loss. A person or entity has an insurable interest in an item, event or action when the damage or loss of the object would cause a financial loss or other hardships.4) The statement means that no one can avoid the mis-happening of any event be it the insurance COMPANY or the insured but the insurance company can compensate the insured by providing them monetary help in lieu of the insurance premium.5) A warehouse creates time utility by bringing the time gap between the production and consumption of goods. It helps in making available the goods whenever required or demanded by the customers. Goods like rice, tobacco, liquor and JAGGERY become more valuable with the passage of time. A warehouse is a building for storing goods. Warehouses are used by manufacturers, importers, exporters, wholesalers, TRANSPORT businesses, customs, etc. ... By storing the goods throughout the year and RELEASING them as and when they are needed, warehousing creates time utility.6) Godowns near the crop field. Public Godown- These are owned by government in which goods are stored on a rental basis. Bonded godown- Owned by government and private agencies to store imported goods. Example- Godown near ports.