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JAMB Commerce 2004 Question 6

Question 6

Insurance

An insured risk which occurs accidentally as a result of defects in a ship is

  1. A.a voyage policy
  2. B.a total loss
  3. C.an emergency
  4. D.a particular average
Show the answer and explanation

Answer: D (a particular average)

Explanation

A particular average is an accidental partial loss that falls only on the owner of the damaged ship or cargo.