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Commerce Paper 2, Nov/Dec. 2009  
Questions: 1 2 3 4 5 6 7 8 9 10 Main
General Comments
Strength
Weakness/Remedies

 

 


Question 3

Explain the following Insurance terms:

  1. subrogation;
  2. uninsurable risks;
  3. insurable risks;
  4. fidelity guarantee insurance;
  5. indemnity.
_____________________________________________________________________________________________________

observation

This question was popular among candidates and most of them scored very well in it.  Most candidates couldn’t explain insurable interest.  This principle provides that one can only insure what one stands to lose financially in the event of loss.

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