Principles of insurance - Jamb Commerce Past Questions and Answers

Question 6:

• JAMB 1999

The principle of subrogation states that

A. An insured person should be indemnifed to the tune of the amount insured
B. An insurance company can stand in place of the insured in dealing with third party
C. Oly a person who is likely to sufferrd loss should take take out an insurance cover
D. Ther must be a close connection between the actual loss suffered and risk insured

Question 7:

• JAMB 2000

The insurance principle that requires full disclosure of information on the insured is known as

A. Indemnity
B. Uberrimae fidei
C. Subrogation
D. Caveat emptor

Question 8:

• 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 9:

• 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

Question 10:

• JAMB 2003

A guarantee given by one person or party to another in which the integrity of the person is assured is?

A. Fidelity
B. Term assurance
C. Subrogation
D. Indemnity