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JAMB Commerce 2014 Question 18

Question 18

Insurance

The principle which requires the insurance company to disclose to the proposer all material facts of the risk to be covered is

  1. A.subrogation.
  2. B.proximate cause.
  3. C.uberrimae fidei.
  4. D.contribution.
Show the answer and explanation

Answer: C (uberrimae fidei.)

Explanation

Uberrimae fidei (utmost good faith) requires both parties to disclose all material facts.