Jamb Commerce 2021 Past Questions and Answers

Question 11:

• JAMB 2021

NAME	INSUREDAMOUNT(₦)	ACTUALVALUE(₦)	ACTUALLOSS(₦)
Mr. PMr. KMr. R	25,00030,00040,000	100,000120,000150,000	30,00040,00050,000

Use the table above to answer questions 27 and 28
If Mr. P takes a fire insurance policy with average clause, his compensation will be ____________

A. ₦7,500
B. ₦5,000
C. ₦70,000
D. ₦75,000

Question 12:

• JAMB 2021

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?

A. Insurable interest
B. Uberrimae fidei
C. Subrogation
D. Indemnity

Question 13:

• JAMB 2021

Hire purchase is advantageous to the seller in that ____________

A. It elevates his living standard
B. People pay instalmentally
C. His turnover will increase
D. It enhances high level of patronage

Question 14:

• JAMB 2021

A form of money with a face value that is greater than the value of the metal contents is ____________

A. Bank notes
B. Legal tender
C. Commodity money
D. Token money

Question 15:

• JAMB 2021

The best mode of ensuring that items posted get to the named addresses is through ____________

A. Recorded delivery
B. Certificate of posting
C. Registered mail
D. Express mail