JAMB - Commerce (2024 - No. 13)
All the following are principles of insurance EXCEPT
insurable interest
particular average
utmost good faith
subrogation
Paliwanag
Particular average is not one of the principles of insurance. It refers to a type of partial loss that occurs when a specific item or interest is damaged or lost, and the loss is borne by the owner of that particular item or interest, rather than being spread across all parties insured.