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Principles Of Insurance - Commerce Jamb Past Questions and Answers

Commerce Questions And Answers On Principles Of Insurance
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Commerce Jamb Past Questions


Questions and Answers on Principles of insurance

Question 1 :



Commerce is defined as the study of how

A. Man utilizes the resources in his physical environment
B. Man produces, distributes and consumes his goods and services
C. Man buys, sells and distributes goods and services
D. Raw materials are changed into finished goods


Question 2 :



The risks that can be forecast and measured is termed___________

A. Gambling
B. Insurable risks
C. Non-Insurable risks
D. Indenmity Insurance


Question 3 :



The practice by which an insurance company accepts a very large risk and later shares it with other insurance companies is called

A. Subrogation
B. Contribution
C. Re-insurance
D. Indemnity


Question 4 :



The person who undertakes any risk in insurance business is known as

A. A broker
B. An underwriter
C. An insurer
D. An actuary


Question 5 :



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.






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