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WAEC Commerce 2001 Question 16

Question 16

Insurance

Which of the following means restoring the insured to the position he was just before the loss occurred?

  1. A.Indemnity
  2. B.Subrogation
  3. C.Proximate cause
  4. D.Utmost good faith
Show the answer and explanation

Answer: A (Indemnity)

Explanation

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