WAEC Commerce 2013 Theory question 105

(a) Proximate cause – the insurer pays only if the main (nearest, dominant) cause of the loss is a risk covered by the policy.
(b) Surrender value – the amount the insurer pays if a life policy is cashed in before maturity.
(c) Contribution – where the same property is insured with more than one insurer, they share the loss in proportion and the insured cannot claim more than the loss.
(d) Utmost good faith (uberrimae fidei) – both parties must disclose all material facts honestly; otherwise the contract can be avoided.
(e) Premium – the amount the insured pays regularly to the insurer for cover.

Define each term in one or two sentences.