Jamb Commerce Past Questions and Answers

Question 1461:

• 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 1462:

• JAMB 2021

Services rendered to the public is provided by ____________

A. Domestic servants
B. Civil servants
C. Government
D. Professionals

Question 1463:

• JAMB 2021

A person who in consideration for an extra commission takes responsibility for goods sold on credit and in case of default is a ____________

A. Commission agent
B. Factor
C. Broker
D. Del credere agent

Question 1464:

• 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 1465:

• 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