Aids-to-trade - Jamb Commerce Past Questions and Answers

Question 46:

• JAMB 1999

The principle of subrogation states that

A. An insured person should be indemnifed to the tune of the amount insured
B. An insurance company can stand in place of the insured in dealing with third party
C. Oly a person who is likely to sufferrd loss should take take out an insurance cover
D. Ther must be a close connection between the actual loss suffered and risk insured

Question 47:

• JAMB 1999

Tolu purchase goods from Yemisi and is to pay custom duties before collection. The goods are likely to be collected from.

A. A manufacturer's warehouse
B. A bonded warehouse
C. An importer's warehouse
D. A wholesaler's warehouse

Question 48:

• JAMB 2000

Tourists with no fixed address in a town may receive their letters from the post office through a

A. Recorded delivery
B. Poste restante
C. Parcel post
D. Postmaster

Question 49:

• JAMB 2000

The insurance principle that requires full disclosure of information on the insured is known as

A. Indemnity
B. Uberrimae fidei
C. Subrogation
D. Caveat emptor

Question 50:

• JAMB 2000

Mr Olatude took up a fire insurance on a property valued at N1000 and the amount insured is N 800. If the insurance was taking with the clause ‘with average ‘, What is the amount to be paid by the insurance company?

A. N320
B. N420
C. N460
D. N560