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The principle of insurance that demands that the insured must stand to loss in the...

Insurance
WAEC 2016

The principle of insurance that demands that the insured must stand to loss in the event of a loss before taking a policy is

  • A. consideration
  • B. insurable interest
  • C. proximate cause
  • D. subrogation
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Correct Answer: Option B
Explanation

Insurable interest is defined as the reasonable concern of a person to obtain insurance for any individual or property against unforeseen events such as death, losses, etc. it is the main reason an insurance contract is entered into


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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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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
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