Insurance - Jamb Commerce Past Questions and Answers

Question 41:

• JAMB 2009

A risk that can be estimated and calculated to be compensation is?

A. A delivery risk
B. An insurable risk
C. A credit risk
D. A systematic risk

Question 42:

• JAMB 2009

The most important reason for the existence of insurance business is to?

A. Prevent the occurrence of any loss
B. Spread losses to all covered participants
C. Provide for the replacement of facilities
D. Encourage individuals to save

Question 43:

• JAMB 2010

A businessman who undertakes the hull insurance policy is aiming at?

A. Concerting losses on damages to the cargo
B. Protecting injured crew in the ship
C. Averting payment of the freight
D. Covering damages to the body of the ship

Question 44:

• JAMB 2011

Mr. Lawal insured his warehouse against burglary but it was later gutted by fire. this implies that?

A. The loss should be borne by the insurer
B. Mr. Lawal is liable only for half of the estimated loss
C. The insurer should make a consolation payment for the loss
D. The loss should be borne by Mr. Lawal

Question 45:

• JAMB 2011

The agreement of insurers to spread risks among themselves is a major feature of?

A. Reinsurance
B. Life insurance
C. Underwriter
D. Marine insurance