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WAEC Commerce 1997 Question 68

Question 68

Insurance

The principle of insurance that restores the insured to the position he occupied immediately before the loss occurred is called

  1. A.utmost good faith
  2. B.indemnity
  3. C.subrogation
  4. D.contribution
  5. E.insurable interest
Show the answer and explanation

Answer: B (indemnity)

Explanation

Indemnity puts the insured back in the same financial position as before the loss.