full return of premium paid for a contract of insurance i...
full return of premium paid for a contract of insurance is applicable in a situation involving?
double insurance
reduction of cover
absence of agreement
financial distress
Correct answer is A
double insurance: Situation in which the same risk is insured by two overlapping but independent insurance policies. When an individual has double insurance, he or she has coverage by two different insurance companies upon the identical interest in the identical subject matter.
The general rule is that in the event of double insurance, if a loss is caused by the risk insured against, subject to the terms of each insurance policy, the insured may recover the full amount of his loss from whichever insurer or insurers he chooses.
insurers requesting for membership of Nigeria Insurers Association is required by law to? (i) hav...
The person named to recieve the life assurance proceeds after the date of the life assured...
claims paid by insurers in the event of loss is irrecoverable when the? ...
The document used by the insurer to ask questions about a risk to be covered is ...
The policy which covers either death or disability resulting from an injury is ...