2. (a) In property insurance, indemnification is based on the actual cash value of the property at the time of loss. What kind of methods are commonly deployed to determine actual cash value? [4 marks] (b) Give some important exceptions to the principle of indemnity. [4 marks] (c) What are the distinct legal characteristics of insurance contract? Explain each of the characteristics. [10 marks] [Total: 18 marks]