Ujjala Fireworks Industries is a 44 year old Indian company incepted in the year 1974 in Sivakasi, Tamil Nadu. Under the able guidance of Shri A. Mukesh Chandreshwar Nadar, The company emerged is one of the leading firecracker manufacturers in India producing the unique range of fountain crackers in various forms like the coloured and crackling ones. These crackers are known for their low emission of sound and are free from harmful fumes. Ujjala Fireworks Industries has entered into joint venture with a private company, Sri Sivakasi Fireworks Private Ltd. for nationwide distribution of products. The terms of the business alliance involves pooling of resources, expertise and sharing of risk and rewards by the enterprise. The owners of Sri Sivakasi Fireworks Private Ltd., has got their warehouse insured against fire. But the manager has not made any arrangements related to fire safety devices. He is not willing to install such devices because it is a costly affair. One fine day there is outbreak of fire in warehouse due to short circuit. He doesn't took any concrete step to control the fire. He makes a claim to the Insurance company. But, Insurance company refused to accept his claim on certain grounds. On the basis of the given information about Sri Sivakasi Fireworks Private Ltd., answer the following questions:
(a) Identify the principle of insurance violated by the manager of Sri Sivakasi Fireworks Private Ltd.
(b) Explain the principle of insurance identified in part (a).
(c) Identify any two values which have been violated by Sri Sivakasi Fireworks Private Ltd.