Which of the following is not a contract of indemnity
...Which of the following is not a contract of indemnity
Marine insurance
Fire insurance
Life Assurance
Burglary insurance
Correct answer is C
A contract of indemnity is a contract between two persons where one party agrees to compensate or reimburse a loss incurred by the other party. The insurance company promises to cover a loss that may be suffered by an insured. In indemnity contracts, it is not certain that a loss will be suffered. It is a matter of probability.
Life insurance is not covered in the indemnity clause, because death is an inevitable occurrence, hence the insurance company simply provides financial protection for the family of the insured in the event of their passing. If the insured dies before the expiration of the contract, the insurer will compensate the deceased family, and vice-versa.
When an order cheque is endorsed it becomes? ...
The people involved in the formation of new companies are called? ...
What is the main aim and objective of ECOWAS? ...
A business person who contracts to sell shares in the expectation of a fall in price is a ...
Which of the following does not influence the choice of means of transport? ...
Which of the following takes the shortest time and is the most accurate means of communication? ...
Activities aimed at boosting the image of an organization are regarded as ...
The type of communication from a superior to a subordinate in an organization is referred as? ...
which of the following currencies does/do not belong to any country within the ECOWAS? ...