Terms of insurance - Jamb Commerce Past Questions and Answers

Question 6:

• JAMB 2002

The temporary insurance certificate issued to the insured before drawing up a policy is a?

A. Cover note
B. Testimonial
C. Time policy
D. Proposal form

Question 7:

• JAMB 2003

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

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

Question 8:

• JAMB 2007

An agreement by the insurer to compensate the insured for losses suffered is?

A. Policy
B. Surrender value
C. Caveat emptor
D. Indemnity

Question 9:

• JAMB 2018

A person who undertakes any risk in insurance business is known as ?

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

Question 10:

• JAMB 2019

The risks that can be forecast and measured is termed___________

A. Gambling
B. Insurable risks
C. Non-Insurable risks
D. Indenmity Insurance