Question on: JAMB Commerce - 2024
The principle of insurance which ensures that an individual is restored to his former position after suffering a loss is
A
utmost good faith
B
insurable interest
C
indemnity
D
subrogation
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Correct Option: C
The principle of indemnity in insurance aims to restore the insured to the financial position they were in before the loss. This means the insurance company will compensate the insured for their actual loss, but not allow them to profit from the claim.
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