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WAEC Commerce 2013 Question 7

Question 7

Insurance

An insurance principle that prevents a person from insuring what he does not stand to lose financially if the insured risk occurs is

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

Answer: B (insurable interest.)

Explanation

Insurable interest means you can insure only what you would lose money on.