JAMB Commerce 2013 Question 16

Name | Insured Amount (₦) | Actual Value (₦) | Actual Loss (₦)
Mr. N | 25,000 | 100,000 | 30,000
Mr. R | 30,000 | 120,000 | 40,000
Mr. P | 40,000 | 150,000 | 50,000
What insurance principle has Mr. P violated if he decides to overstate the actual value of his property?

1. A.Indemnity.
2. B.Insurable interest.
3. C.Uberrimae fidei.
4. D.Subrogation.