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WAEC Commerce 1996 Question 33

Question 33

Insurance

Which of the following is a non-indemnity insurance?

  1. A.Personal Accident Insurance
  2. B.Burglary insurance
  3. C.Fire insurance
  4. D.Consequential loss insurance
  5. E.Third party insurance
Show the answer and explanation

Answer: A (Personal Accident Insurance)

Explanation

Injury to the body cannot be valued exactly, so personal accident policies pay agreed sums, not indemnity.