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WAEC Commerce 1997 Question 34

Question 34

Insurance

The insurance principle which expects the insured and the insurer to disclose all facts about a proposed contract is called

  1. A.uberrimae fidei
  2. B.indemnity
  3. C.proximate cause
  4. D.insurable interest
  5. E.contribution
Show the answer and explanation

Answer: A (uberrimae fidei)

Explanation

Uberrimae fidei (utmost good faith) requires full disclosure of all material facts.