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WAEC Commerce 2026 Question 21

Question 21

Insurance

An amount of money paid to a life assurance policy at the end of the contract period is

  1. A.accumulated value
  2. B.assured value
  3. C.insured value
  4. D.residual value
Show the answer and explanation

Answer: B (assured value)

Explanation

At maturity the insurer pays the sum (value) assured stated in the policy.