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WAEC Commerce 2002 Question 32

Question 32

Insurance

The principle of subrogation imposes an obligation on the insured to

  1. A.disclose all material information
  2. B.have financial risks in the object insured
  3. C.collect compensation from only one insurer
  4. D.surrender legal rights after compensation
Show the answer and explanation

Answer: D (surrender legal rights after compensation)

Explanation

After being compensated, the insured must hand over his rights over the damaged property to the insurer.