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JAMB Commerce 2000 Question 19

Question 19

Insurance

The insurance principle that requires full disclosure of information on the insured is known as

  1. A.indemnity
  2. B.uberrimae fidei
  3. C.subrogation
  4. D.caveat emptor.
Show the answer and explanation

Answer: B (uberrimae fidei)

Explanation

Uberrimae fidei (utmost good faith) requires the insured to disclose all material facts.