WAEC Commerce 2008 Theory question 103

(a) Proximate cause – the insured is paid only if the main (dominant) cause of the loss is a risk covered by the policy.
(b) Contribution – where the same property is insured with several insurers, each pays its share of the loss, so the insured cannot recover more than the loss.
(c) Utmost good faith – both parties must disclose all material facts truthfully; failure makes the contract voidable.
(d) Re-insurance – an insurer passes part of a big risk to another insurer to spread it.
(e) Contract of non-indemnity – where loss cannot be measured in money (life, personal accident), an agreed sum is paid as compensation instead of restoring an actual loss.

Define each term in one or two sentences.