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WAEC - Commerce (2011 - No. 26)

Which of the following is not a principle of insurance
Insurable interest
Subrogation
Surrender value
Proximate cause

Wyjaśnienie

There are seven basic principles that create an insurance contract between the insured and the insurer:

  1. Utmost Good Faith
  2. Insurable Interest
  3. Proximate Cause
  4. Indemnity
  5. Subrogation
  6. Contribution
  7. Loss Minimization

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