Utme 2021 Commerce Question 28

Practice objective / multiple choice question 28 from the 2021 Utme Commerce examination. This question covers Insurance .

Utme 2021 Commerce Objective / Multiple Choice 2 Difficulty
Topic: Insurance
Question 28 UTME • 2021 • COMMERCE • objective
TABLE - table_1
Use the table below to answer questions 27 and 28 \( \begin{array}{|l|c|c|c|} \hline \text{Name} & \begin{array}{c} \text{Insured} \\ \text{Amount (}\mathbb{N}\text{)} \end{array} & \begin{array}{c} \text{Actual} \\ \text{Value (}\mathbb{N}\text{)} \end{array} & \begin{array}{c} \text{Actual} \\ \text{Loss (}\mathbb{N}\text{)} \end{array} \\ \hline \text{Mr. P} & 25,000 & 100,000 & 30,000 \\ \hline \text{Mr. K} & 30,000 & 120,000 & 40,000 \\ \hline \text{Mr. R} & 40,000 & 150,000 & 50,000 \\ \hline \end{array} \)

What insurance principle has Mr. R violated if he decides to overstate the actual value of his property?

Answer Options

A. insurable interest
Correct Answer B. uberrima fidei
C. subrogation
D. indemnity
Correct Answer
B
Correct Option:
uberrima fidei

About This Question

This is Utme 2021 Commerce Question 28. It is one of the objective questions from the 2021 Utme Commerce examination.

The question covers Insurance .

Difficulty level: 2 .

View More Utme 2021 Commerce Questions More Utme Practice Questions Back to Questions

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