- 1 Marks
Question
In an Insurance contract, the insured is indemnified on payment of the
A. Price
B. Premium
C. Interest
D. Discount
E. Instalment
Answer
C
Explanation:
The correct answer is “Interest” In an insurance contract, indemnity is provided to the insured in exchange for the payment of Interest, which are periodic payments made to maintain coverage
- Tags: Contracts, Indemnity, Insurance Law, Multiple Choice
- Level: Level 1
- Topic: Law Relating to Banking
- Series: NOV 2013
- Uploader: Theophilus