Mr Ojo borrowed N54,000 from a Commercial bank and deposited his life assurance certificate with the bank. The certificate deposited serves as? - SchoolNGR

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Mr Ojo borrowed N54,000 from a Commercial bank and deposited his life assurance ...

Mr Ojo borrowed N54,000 from a Commercial bank and deposited his life assurance certificate with the bank. The certificate deposited serves as?

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Take Free Practice Test On 2026 JAMB UTME, Post UTME, WAEC SSCE, GCE, NECO SSCE

A A loan repayment
B A current asset
C An interest charged
D A collateral society
E A part of payment

Correct Answer: Option D

Explanation:

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