waecE-LEARNING
Commerce Paper 2, Nov/Dec. 2012  
Questions: 1 2 3 4 5 6 7 8 9 10 Main
General Comments
Strength
Weakness/Remedies


Question 3
  1. Differentiate between a contract of Indemnity and a contract of non- Indemnity.
  2. State five ways in which Insurance is` important to a business

 

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observation

Most candidates  could not differentiate between  contract of Indemnity and a contract of non- Indemnity.  The part (b) which is on  the  importance of insurance to a business was well attempted by the candidates. The difference in Indemnity and non –Indemnity insurance is that in Indemnity insurance the insured is restored to his former position before the occurrence of  the risk insured against while  in non-Indemnity insurance, the insured is compensated because the  insurer cannot restore life.

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