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WAEC Commerce 2003 Question 35

Question 35

Insurance

If the insured has been fully indemnified, the insurers are entitled to take any advantage due to the insured. The principle of insurance involved is

  1. A.indemnity
  2. B.subrogation
  3. C.contribution
  4. D.insurable interest
Show the answer and explanation

Answer: B (subrogation)

Explanation

Under subrogation the insurer takes over the insured's rights after paying the claim.