Types 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

You have just bought a new car. What Insurance policy will you take to cover it?

A. Accident Insurance
B. Fire Insurance
C. Marine Insurance
D. Fidelity Guarantee Insurance

Question 3:

• JAMB 2001

The major difference between insurance and assurance is that while insurance

A. Takes care of uncertainty, assurance takes care of risks
B. Takes care of risks , assurance takes care of uncertainty
C. Hinges on probabilities, assurance is based on possibilities
D. Is about indemnity, assurance is about life in the future

Question 4:

• JAMB 2003

The type of marine insurance which covers either damage or loss to the vessel and such as caused by it to other vessel is?

A. Hull insurance
B. Time insurance
C. Freight insurance
D. Cargo insurance

Question 5:

• JAMB 2004

Non-insurable risk include?

A. Gambling
B. Damage to property
C. Death
D. Marine problems