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Insurance companies operate on the principal of indemnity. This means that an insured person or...

Commerce
JAMB 1998
Insurance companies operate on the principal of indemnity. This means that an insured person or firm collector
  • A. Only half of the loss suffered
  • B. double the value of the losses suffered
  • C. the total sum of the premium paid prior to the loss
  • D. damage claims equal to the loss suffered.
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Correct Answer: Option D
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