Write explanatory notes on each of the following terms as used in insurance: (a) Subrogation;...
COMMERCE
WAEC 2015
Write explanatory notes on each of the following terms as used in insurance:
(a) Subrogation;
(b) Proximate cause;
(c) Barratry;
Explanation
Subrogation - This is a principle that allows an insurance company to take over the rights of an insured once he is compensated.
Proximate cause - This principle states that there must be a close connection between the loss actually suffered and the risk insured against for the insured to be compensated.
Barratry - The term includes every wrongful act willfully committed by the master or crew of a ship to the prejudice of the owner or charterer
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