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WAEC Commerce 2010 Question 12

Question 12

Insurance

Which of the following insurance principles states that a person must be in a position to suffer financially in the event of a loss?

  1. A.Proximate cause
  2. B.Indemnity
  3. C.Insurable interest
  4. D.Subrogation
Show the answer and explanation

Answer: C (Insurable interest)

Explanation

Insurable interest means the insured must lose money if the event happens.