Insurance - Jamb Commerce Past Questions and Answers

Question 46:

• JAMB 2012

The right of an insurance company to stand in place of an insured against a third party , who is liable for the occurrence of a loss, is the principle of

A. Proximate cause
B. Insurable interest
C. Insurance priority
D. Subrogation

Question 47:

• JAMB 2012

Assurance is different from insurance in that the former is based on

A. Probability
B. Possibility
C. Risk
D. Uncertainty

Question 48:

• JAMB 2012

A person who undertakes life insurance is said to be an

A. Insurer
B. Assurer
C. Assured
D. Insured

Question 49:

• JAMB 2013

An undertaking given by a person to another assuring his integrity is

A. Proximate cause
B. Fidelity guarantee
C. Subrogation
D. Insurable interest

Question 50:

• JAMB 2013

The difference between indemnity insurance and non-indemnity insurance is that the latter provides

A. Cover for exporters against risks
B. Cover for importers against risks
C. Full payment to the insured
D. Consolation payment to the insured