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What is insurance? It is mandatory for all cars in Oman It is a form of contract or agreement Its's an item to buy in shop It comes free of cost when you buy a new car When identifying the cause for damage the nearest cause should be taken for accessing the damage. The principle behind this statement is: Principle of utmost good faith Principle of subrogation Principle of causa proxima Principle of contribution Under the life insurance contract the policy holder is supposed to give all the information to the best of his/her knowledge Principle of utmost good faith Principle of contribution Principle of subrogation Principle of insurable interest Mr. Abdul a businessman has a bank balance of OMR 6,000 in Bank Muscat. The bank gave him an overdraft facility to the extent of OMR 26,000 on his request. Now, what is the maximum amount he can with draw from the bank OMR 20,000 OMR 32,000 OMR 6,000 OMR 26,000 ABC co discounted a bill amounting to OMR 50,000 with bank lazy with a term of 4 months. The bank charge an interest rate of 15%. Calculate the banker discount OMR 2,500 OMR 2,750 OMR 7,500 OMR 3,750