Mr ojo borrowed N54,000 from a commercial bank and deposited his life insurance certificate with the bank. The certificate
deposited serves as
When Mr. Ojo deposits his life insurance certificate with the bank, it serves as a collateral security. Collateral security refers to an
asset that a borrower offers to a lender to secure a loan. If the borrower defaults on their loan payments, the lender can seize the
collateral to recoup its losses.
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