WAEC - Commerce (2010 - No. 12)
Which of the following insurance principles states that a person must be in a position to suffer financially in the event of a loss?
Proximate cause
Indemnity
Insurable interest
Subrogation
ব্যাখ্যা
Indemnity insurance is a contractual agreement in which one party guarantees compensation for actual or potential losses or damages sustained by another party.