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WAEC Commerce 2013 Question 48

Question 48

Insurance

The insurance principle of indemnity does not apply to

  1. A.fire insurance.
  2. B.life assurance.
  3. C.burglary insurance.
  4. D.marine insurance.
Show the answer and explanation

Answer: B (life assurance.)

Explanation

Life cannot be valued in money, so life assurance is not a contract of indemnity.