JAMB Commerce 2023 Objective — Question 7

Question 7 of 40 from the Joint Admissions and Matriculation Board (JAMB) Commerce 2023 Objective paper, with the correct answer and a full explanation.

Insurance claims gives insurance companies the right to claim the remnants of the object, this is a principle of A.

A. Subrogation.Correct
B. Indemnity.
C. proximity.
D. Utmost good faith.

Explanation

Subrogation is the principle that gives insurance companies the right to pursue the third party that causes the loss. In the cause of doing this the insurance must claim ownership of the remnants. (Use the following information to answer question 8 and 9: Opening stock 5100; Purchases 91000; Closing stock 6000.)

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