JAMB - Commerce (2025 - No. 21)
The principle that applies when Greene and Sunwar Insurance Companies jointly indemnified Fatou for the destruction of her
storey building by fire is
storey building by fire is
contribution
subrogation
proximate cause
insurable interest
Explanation
The principle that applies when two insurance companies jointly indemnify a person for a loss is known as the principle of
contribution. This principle is used when the insured has taken out more than one insurance policy on the same subject matter. In
such a case, each insurer contributes proportionately to the loss.
contribution. This principle is used when the insured has taken out more than one insurance policy on the same subject matter. In
such a case, each insurer contributes proportionately to the loss.
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