Which of the following is not a contract of indemnity

Assessment: WAEC SSCE - Commerce - 2009 (Objective) Subject: Commerce

Question 1 Report

Which of the following is not a contract of indemnity
Answer Details
Life assurance is not a contract of indemnity. Life assurance provides a sum of money to the beneficiary on the death of the life assured or at the end of the stipulated period, whichever is earlier. It is not compensating for any loss suffered by the insured but is rather a form of investment or savings. On the other hand, contracts of indemnity, such as marine insurance, fire insurance, and burglary insurance, are designed to compensate the insured against any losses suffered due to the occurrence of the insured event.
Read lesson note on Legal Aspect Of Business (WAEC)
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