All the following are principles of insurance EXCEPT

JAMB Commerce 2024 162 views
Source: JAMB · 2024

All the following are principles of insurance EXCEPT

  1. insurable interest
  2. particular average ✓
  3. subrogation
  4. utmost good faith
Explanation

Particular average is a type of loss, not a principle of insurance.

The main principles are: insurable interest, utmost good faith, indemnity, and subrogation.

Particular average refers to partial damage to specific cargo owned by one person.

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