Insurance - Jamb Commerce Past Questions and Answers

Question 21:

• 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 22:

• 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 23:

• 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

Question 24:

• 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 25:

• JAMB 2003

The type of marine insurance which covers either damage or loss to the vessel and such as caused by it to other vessel is?

A. Hull insurance
B. Time insurance
C. Freight insurance
D. Cargo insurance