Which of the following is a non-indemnity insurance?

Assessment: WAEC SSCE - Commerce - 1996 (Objective) Subject: Commerce

Question 1 Report

Which of the following is a non-indemnity insurance?
Answer Details
A non-indemnity insurance is a type of insurance where the insurer pays a fixed amount regardless of the actual loss suffered by the insured. Of the options given, Personal Accident Insurance is a non-indemnity insurance because it pays a fixed sum of money in the event of an accident or injury, regardless of the actual expenses incurred by the insured. The other options, such as Burglary Insurance, Fire Insurance, Consequential loss Insurance, and Third Party Insurance, are all indemnity insurances, where the amount paid by the insurer is based on the actual loss or damage suffered by the insured.

Download The App On Google Playstore

Everything you need to excel in your exams

Green Bridge CBT Mobile App
Personalized AI Learning Chat Assistant
200,000+ Exam Questions Across IGCSE, JAMB, WAEC & NECO
Over 3,900 Lesson Notes
Offline Support - Learn Anytime, Anywhere
Green Bridge Timetable
Literature Summaries & Potential Questions
Track Your Performance & Progress
In-depth Explanations for Comprehensive Learning