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WAEC Commerce 1994 Question 37

Question 37

Insurance

The agreed amount payable to a policy holder when the event insured against occurs is

  1. A.surrender value
  2. B.sum assured
  3. C.indemnity
  4. D.insurable interest
  5. E.endowment
Show the answer and explanation

Answer: B (sum assured)

Explanation

The sum assured is the amount the policy promises to pay when the event happens.