NAME INSURED AMOUNT(₦) ACTUAL VALUE(₦) ACTUAL LOSS(₦) Mr. P Mr. K Mr. R 25,000 30,000 40,000 100,000 120,000 150,000 30,000 40,000 50,000 What insurance pri...

Assessment: JAMB UTME - Commerce - 2021 Subject: Commerce

Question 1 Report

NAME INSURED
AMOUNT(₦)
ACTUAL
VALUE(₦)
ACTUAL
LOSS(₦)
Mr. P
Mr. K
Mr. R
25,000
30,000
40,000
100,000
120,000
150,000
30,000
40,000
50,000

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

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