WAEC - Commerce (2011 - No. 26)
Which of the following is not a principle of insurance
Insurable interest
Subrogation
Surrender value
Proximate cause
Paliwanag
There are seven basic principles that create an insurance contract between the insured and the insurer:
- Utmost Good Faith
- Insurable Interest
- Proximate Cause
- Indemnity
- Subrogation
- Contribution
- Loss Minimization