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Commerce

Insurance

Key Points

  • Utmost good faith: disclose all material facts
  • Insurable interest: must have financial stake in subject matter
  • Indemnity: restore to pre-loss position (no profit)
  • Subrogation: insurer takes over rights after paying claim
  • Third-party motor insurance is compulsory in Nigeria

Practice Questions

2 questions
1

The principle of insurance that requires both parties to disclose all material facts is:

2

The principle of insurance that prevents the insured from profiting from a loss is:

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