Principles of insurance - Jamb Commerce Past Questions and Answers

Question 1:

• JAMB 1994

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:

• JAMB 2019

The risks that can be forecast and measured is termed___________

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

Question 3:

• JAMB 1995

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:

• JAMB 1997

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:

• 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.