Insurance - Jamb Commerce Past Questions and Answers

Question 6:

• 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 7:

• JAMB 1994

A sole proprietor insured his goods worth N200,000 for half the value. There was a fire accident in which goods valued N80,000 were destroyed. The value of compensation expected from the insurer is

A. N40,000
B. N80,000
C. N100,000
D. N200,000

Question 8:

• JAMB 1995

The practice by which an insurance company accepts a very large risk and later shares it with other insurance companies is called

A. Subrogation
B. Contribution
C. Re-insurance
D. Indemnity

Question 9:

• JAMB 1995

The insurance policy which provides full cover against all risks at sea is known as

A. Policy with Particular Average
B. Policy Free of Particular Average
C. Marine Freight Insurance
D. Marine Voyage Policy Insurance

Question 10:

• JAMB 1997

The person who undertakes any risk in insurance business is known as

A. A broker
B. An underwriter
C. An insurer
D. An actuary