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The difference between indemnity insurance and non-indemnity insurance is that the latter provides

Commerce
JAMB 2013

The difference between indemnity insurance and non-indemnity insurance is that the latter provides

  • A. cover for exporters against risks
  • B. cover for importers against risks
  • C. full payment to the insured
  • D. consolation payment to the insured
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Correct Answer: Option D
Explanation

Non-indemnity insurance tends to cover things with no real replacement value.

Indemnity means that the insured is entitled to a specific amount of compensation for a loss that is tied to a replacement, reimbursement, or fair-market value

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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 Software for Computers and Laptops - Candidates, Schools, Centres, Resellers - 100% Offline -Download Now
WAEC and NECO CBT App for Mobile Devices - Candidates, Schools, Centres, Resellers - 100% Offline -Download Now
WAEC and NECO CBT Software for Computers and Laptops - Candidates, Schools, Centres, Resellers - 100% Offline -Download Now
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
Post UTME Past Questions Agent