JAMB Commerce 2007 Objective — Question 20

Question 20 of 50 from the Joint Admissions and Matriculation Board (JAMB) Commerce 2007 Objective paper, with the correct answer and a full explanation.

An agreement by the insurer to compensate the insured for losses suffered is

A. caveat emptor
B. surrender value
C. indemnityCorrect
D. policy

Explanation

Indemnity is the principle whereby the insured is compensated (made whole) for losses suffered from an insured event.

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