JAMB Commerce 2013 Objective — Question 16
Question 16 of 50 from the Joint Admissions and Matriculation Board (JAMB) Commerce 2013 Objective paper, with the correct answer and a full explanation.
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(Using the same table as Q15) What insurance principle has Mr. P violated, if he decides to overstate the actual value of his property?
- A. Insurable interest
- B. Uberrimae fideiCorrect
- C. Subrogation
- D. Indemnity
Explanation
Uberrimae fidei is a legal principle in certain contracts, such as insurance, requiring the highest standard of good faith during disclosure — overstating a property's value violates this.
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