WAEC Commerce 2012 Objective — Question 43
Question 43 of 50 from the West African Examinations Council (WAEC) Commerce 2012 Objective paper, with the correct answer and a full explanation.
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Mr. Lou who assured his life for the sum of ₦80,000 was involved in an accident and had a broken leg; the money received was paid to Mr. Lou for his broken leg. The money received is known as a
- A. bill of exchange
- B. compensation
- C. premium
- D. indemnityCorrect
Explanation
Indemnity is the act of compensating an insured for damage suffered.
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