WAEC - Insurance (2016 - No. 36)
The principle of insurance that demands that the insured must stand to loss in the event of a loss before taking a policy is
consideration
insurable interest
proximate cause
subrogation
Paliwanag
Insurable interest is defined as the reasonable concern of a person to obtain insurance for any individual or property against unforeseen events such as death, losses, etc. it is the main reason an insurance contract is entered into