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JAMB Commerce 2017 Question 3

Question 3

Insurance

The insurance policy which provides full cover against all risks at sea is known as

  1. A.marine voyage policy
  2. B.marine freight insurance
  3. C.policy free of particular average
  4. D.policy with particular average
Show the answer and explanation

Answer: D (policy with particular average)

Explanation

A policy 'with particular average' covers both total and partial losses at sea, so it gives the fullest cover. A voyage policy only describes the period (one voyage), not the extent of cover.