Insurance - Jamb Commerce Past Questions and Answers

Question 66:

• JAMB 2019

A document that embody the conditions and exceptions attached to the contract is

A. Proposal form
B. Cover note
C. The policy
D. Insurance certificate

Question 67:

• JAMB 2021

The payment made periodically in respect of an insurance policy entered into is known as ____________

A. Surrender
B. Bond
C. Premium
D. Commission

Question 68:

• 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 69:

• 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 70:

• JAMB 2021

The major determinant of fire insurance premium is the ____________

A. Usefulness of the property to the owner
B. Type and structure of the property to be insured
C. Owner of the property to be insured
D. Extent of fire damage anticipated