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WAEC - Insurance (2017 - No. 40)

Adekunle bought a car for N2,000,000. he insured it with musa insurance company and okon insurance company for N600,000 and N800,000 respectively. on his way to his office, he had an accident which destroyed his windscreen  valued at N30,000 and kayode's shop valued at N15,000. 
Adekunle bought a car for N2,000,000. he insured it with musa insurance company and okon insurance company for N600,000 and N800,000 respectively. on his way to his office, he had an accident which destroyed his windscreen  valued at N30,000 and kayode's shop valued at N15,000. 
Adekunle bought a car for N2,000,000. he insured it with musa insurance company and okon insurance company for N600,000 and N800,000 respectively. on his way to his office, he had an accident which destroyed his windscreen  valued at N30,000 and kayode's shop valued at N15,000. 
The policy cover with musa insurance is
averagely insured
fully insured
under insured
over insured

Explanation

Fully Insured is another way of saying there is no-risk or liability as the policyholder and the insurance company assumes all the risk aside from paid premiums.

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