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JAMB Commerce 2007 Question 24

Question 24

Insurance

An agreement by the insurer to compensate the insured for losses suffered is

  1. A.policy
  2. B.surrender value
  3. C.caveat emptor
  4. D.indemnity.
Show the answer and explanation

Answer: D (indemnity.)

Explanation

Indemnity means the insurer restores the insured to the position he was in before the loss.