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

Question 56:

• JAMB 2001

Pooling of risk in insurance means that?

A. Compensations are paid out of a common fund
B. Two people can pool their risks to be insured
C. Two insurance companies can buy two policies
D. Insurance companies should encourage taking risks.

Question 57:

• JAMB 2001

The major difference between insurance and assurance is that while insurance

A. Takes care of uncertainty, assurance takes care of risks
B. Takes care of risks , assurance takes care of uncertainty
C. Hinges on probabilities, assurance is based on possibilities
D. Is about indemnity, assurance is about life in the future

Question 58:

• JAMB 2002

Under the endowment policy, the money handed over to the insured at the expiration of the stipulated time or at death is the?

A. Indemnity
B. Surrender value
C. Lump sum benefit
D. Insurance premium

Question 59:

• JAMB 2002

the machine used for sending telex messages is known as a?

A. Radar
B. Fax machine
C. Dictaphone
D. Teleprinter

Question 60:

• JAMB 2002

Which of these insurance principles requires a close connection between the actual loss suffered and the risk insured?

A. Indemnity
B. Proximate cause
C. Contribution
D. Subrogation