Which among the following correctly defines the Principle of Contribution in an insurance contract?
1
It defines that the premium should be equally distributed among all the insurance companies.
2
It defines that the loss should be shared by all the insurance companies involved.
3
It defines that the loss amount should be paid to all the family members or legal heirs of the insured.
4
It defines that the insured can claim only up to the amount of actual loss either from one insurer or from all the insurers combined.
5
None of the above