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Question

General insurance is a contract of ______.


A
Contribution
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B
Indemnity
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C
Guarantee
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D
None of these
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Solution

The correct option is A Indemnity
When the purpose of insurance is to protect against loss of property due to an accident it is known as general insurance. Similarly if their is no loss of property their is no question of giving any compensation. For this reason general insurance is known as the contract of indemnity.

Fundamentals of Accounting and Auditing

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