Insurance - Jamb Commerce Past Questions and Answers

Question 36:

• 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 37:

• JAMB 2007

The major determinant of fire insurance premium is the?

A. Type and structure of the property to be insured
B. Usefulness of the property to the owner
C. Owner of the property to be insured
D. Extent of fire damage anticipated

Question 38:

• JAMB 2008

The sum of money paid by a policy-holder to an insurer is referred to as?

A. Interest
B. Premium
C. Gross profit
D. Sales revenue

Question 39:

• JAMB 2008

An example of a non-insurable risk is?

A. Burglary
B. Speculation
C. Fire
D. Accident

Question 40:

• JAMB 2009

The principle of insurance which entitles an insurance company to take any advantage due to the insured after full indemnity is?

A. Contribution
B. Subrogation
C. Promiate cause
D. Utmost good faith