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Which of the following is not a principle of insurance

Commerce
WAEC 2011

Which of the following is not a principle of insurance

  • A. Insurable interest
  • B. Subrogation
  • C. Surrender value
  • D. Proximate cause
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Correct Answer: Option C
Explanation

There are seven basic principles that create an insurance contract between the insured and the insurer:

  1. Utmost Good Faith
  2. Insurable Interest
  3. Proximate Cause
  4. Indemnity
  5. Subrogation
  6. Contribution
  7. Loss Minimization
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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
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WAEC and NECO CBT App for Mobile Devices - Candidates, Schools, Centres, Resellers - 100% Offline -Download Now
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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
WAEC and NECO CBT Software for Computers and Laptops - Candidates, Schools, Centres, Resellers - 100% Offline -Download Now