Insurance
GCE Commerce

a) Define insurance and explain the principle of indemnity as it applies to insurance contracts. (6 marks) b) State and explain FOUR types of insurance policies available to businesses. (8 marks) c) D…

a) Explain FIVE principles that must be observed for an insurance contract to be valid and enforceable. (10 marks) b) Distinguish between 'assurance' and 'insurance', giving ONE example of each. (4 ma…

The document issued by an insurance company as temporary evidence of cover before a formal policy is issued is called a

Mr. Adeyemi's car worth ₦4,000,000 is insured for only ₦2,000,000. If he suffers a partial loss of ₦1,200,000, how much will the insurance company pay under the average clause?

Which type of insurance policy covers a business owner against losses arising from the dishonest acts of employees?

Which principle of insurance states that the insured must have a financial interest in the subject matter of insurance at the time of loss?

After an insurance company compensates a policyholder for a stolen vehicle that is later recovered, the insurer's right to take ownership of the recovered vehicle is based on the principle of

A life assurance policy that pays the sum assured only if the assured dies within a specified period, but pays nothing if the assured survives, is called

Alhaji Musa took a fire insurance policy on his shop and deliberately set it ablaze to claim compensation. The insurer refused to pay. The legal doctrine that best supports the insurer's refusal is

The principle of insurance that prevents the insured from making a profit from an insurance claim is the principle of

A trader insures his warehouse worth ₦5,000,000 with two insurance companies: Company A for ₦3,000,000 and Company B for ₦2,000,000. If the warehouse is totally destroyed, how much will Company A pay?