A method of providing indemnity under glass insurance policy is?

Assessment: WAEC SSCE - Insurance - 2017 (Objective) Subject: Insurance

Question 1 Report

A method of providing indemnity under glass insurance policy is?

Answer Details
A method of providing indemnity under a glass insurance policy is replacement. This means that, in the event of a covered loss, the insurance company will provide the policyholder with a new item to replace the damaged one. For example, if a policyholder has glass insurance for a window and the window is broken, the insurance company will pay for a new window to be installed. This method of indemnity is designed to restore the policyholder to the same position they were in prior to the loss, with a new item of equivalent value.
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