The principle of insurance which ensures that an individual is restored to his former position after suffering a loss is
Source: JAMB · 2024
The principle of insurance which ensures that an individual is restored to his former position after suffering a loss is
Explanation
Indemnity means putting someone back in their original position after a loss. No profit, no loss.
Insurance pays you what you lost, not more. You cannot make money from your own loss.
If your ₦100,000 car is stolen, you get ₦100,000, not ₦150,000.
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