| NAME | INSUREDAMOUNT(₦) | ACTUALVALUE(₦) | ACTUALLOSS(₦) |
| Mr. PMr. KMr. R | 25,00030,00040,000 | 100,000120,000150,000 | 30,00040,00050,000 |
What insurance principle has Mr. R violated if he decides to overstate the actual value of his property?
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Correct Answer: Option B
Explanation: