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WAEC Commerce 2024 Question 29

Question 29

Insurance

The amount an assured receives if he discontinues a life policy is

  1. A.surrender value.
  2. B.sum assured.
  3. C.net value.
  4. D.indemnity.
Show the answer and explanation

Answer: A (surrender value.)

Explanation

If a life policy is given up before maturity, the insurer pays its surrender value.