Insurance - Jamb Commerce Past Questions and Answers

Question 11:

• JAMB 1997

The main purpose of insurance is to

A. Encourage business to surviveand grow
B. Ensures that facilities are available for operators
C. Accepts risk s and extend credit to policy holders
D. Spread individual losses ove all covered participants

Question 12:

• JAMB 1998

the two main categories under which marine losses fall into are?

A. Particular loss and average loss
B. Actual loss and average loss
C. Total loss and partial loss
D. Voyage policy loss and time policy loss

Question 13:

• JAMB 1998

Insurance companies operate on the principal of indemnity. This means that an insured person or firm collector

A. Only half of the loss suffered
B. Double the value of the losses suffered
C. The total sum of the premium paid prior to the loss
D. Damage claims equal to the loss suffered.

Question 14:

• JAMB 1999

A distinction between Comprehensive insurance and Thrid party Insurance is that the latter covers damages

A. Caused by the insured vehicle
B. To the insured vehicle
C. Cause by the other vehicle
D. To the driver of insured vehicle

Question 15:

• 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