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WAEC Commerce 2022 Question 23

Question 23

Insurance

The principle which prevents an insured from receiving a claim that is more than the value of the loss, if the property is insured by more than one company is

  1. A.indemnity
  2. B.contribution
  3. C.proximate cause
  4. D.uberrimae fidei
Show the answer and explanation

Answer: B (contribution)

Explanation

Under contribution, when one property is insured with several companies, they share the loss so the insured gets no more than the actual loss.