WAEC Commerce 2015 Objective — Question 34

Question 34 of 50 from the West African Examinations Council (WAEC) Commerce 2015 Objective paper, with the correct answer and a full explanation.

Which of the following principles stipulates that the insured must be in position to suffer financial loss?

A. indemnity
B. proximate cause
C. insurable interestCorrect
D. subrogation

Explanation

Before a person can take insurance policy against an event, he must have insurable interest in the event i.e. must be affected financially in the case of a loss due to the event.

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