Aids-to-trade - Jamb Commerce Past Questions and Answers

Question 36:

• 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 37:

• JAMB 1997

Bank giro is a system where?

A. Commercial banks can give loan to all customers
B. A central bank opens account for commercial banks
C. A customer uses cheque to pay serveral bills
D. A customer closes his account by writting cheque

Question 38:

• JAMB 1997

Commercial banks are referred to as departmental stores of banking because they

A. Have many branches
B. Have many customers
C. Are found in the cities
D. Offer many types of services

Question 39:

• 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 40:

• 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.