Insurance - Jamb Commerce Past Questions and Answers

Question 51:

• JAMB 2013

Use the table above to answer this question
If Mr. N takes a fire insurance policy with average clause, his compensation will be

A. N 5000
B. N 7, 500
C. N 70, 000
D. N 75, 000

Question 52:

• JAMB 2014

Endowment policy in insurance business is an aspect of

A. Accident insurance policy
B. Fidelity guarantee insurance policy
C. Motor vehicle insurance policy
D. Life assurance policy

Question 53:

• JAMB 2014

The principle which requires the insurance company to disclose to the proposer all material facts of the risk to be covered is

A. Subrogation
B. Proximate cause
C. Uberrimae fidei
D. Contribution

Question 54:

• JAMB 2014

The insurance principle that allows an insurance company to take over the rights of the insured once he has been compensated is

A. Indemnity
B. Proximate cause
C. Utmost good faith
D. Subrogation

Question 55:

• JAMB 2014

A trader who experienced loss through fire can be restored by

A. An insurance company
B. A trade association
C. The bank
D. An advertising agency