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An agreement by the insurer to compensate the insured for losses suffered is?

Commerce
JAMB 2007

An agreement by the insurer to compensate the insured for losses suffered is?

  • A. policy
  • B. surrender value
  • C. caveat emptor
  • D. indemnity
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Correct Answer: Option D
Explanation

Indemnity in insurance refers to an insurance policy that compensates an insured party for certain unexpected damages or losses up to a certain amount

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