JAMB Commerce questions: Insurance

21 questions with answers and explanations. Tap an option to check yourself.

All topics Advertising and marketing · 16 Business management and environment · 17 Commerce and its scope · 15 Communication · 16 Computers and ICT in business · 14 Consumer protection · 14 Documents used in trade · 16 Elements of commercial law · 15 Financing a business · 16 Foreign trade · 21 Forms of business organisation · 21 Home trade: retail and wholesale · 21 Insurance · 21 Money and banking · 21 Occupation and production · 16 The stock exchange · 17 Transport · 17 Warehousing · 13

Question 1· Insurance· JAMB
The document setting out the terms of an insurance contract is the
Explanation and discussion
Question 2· Insurance· JAMB
Proximate cause in insurance means
Explanation and discussion
Question 3· Insurance· JAMB
Marine insurance covers
Explanation and discussion
Question 4· Insurance· JAMB
Insurable interest means the insured
Explanation and discussion
Question 5· Insurance· JAMB
Mr Ade insured his shop for ₦600,000 with Company X and for ₦400,000 with Company Y. A fire causes a loss of ₦500,000. Under the principle of contribution, Company Y pays
Explanation and discussion
Question 6· Insurance· JAMB
Reinsurance means
Explanation and discussion
Question 7· Insurance· JAMB
The principle that the insured must stand to lose financially if the insured item is damaged is
Explanation and discussion
Question 8· Insurance· JAMB
A cover note is
Explanation and discussion
Question 9· Insurance· JAMB
After paying a claim, the insurer takes over the insured's right to recover the loss from a third party. This is
Explanation and discussion
Question 10· Insurance· JAMB
Reinsurance is
Explanation and discussion
Question 11· Insurance· JAMB
Contribution in insurance applies when
Explanation and discussion
Question 12· Insurance· JAMB
The principle of proximate cause means the insurer pays only when the loss
Explanation and discussion
Question 13· Insurance· JAMB
Third-party motor insurance is compulsory in Nigeria because it
Explanation and discussion
Question 14· Insurance· JAMB
Under the principle of indemnity, after a loss the insured should be
Explanation and discussion
Question 15· Insurance· JAMB
The principle of insurance that requires the insured to disclose all material facts is
Explanation and discussion
Question 16· Insurance· JAMB
Life assurance differs from insurance because life assurance covers
Explanation and discussion
Question 17· Insurance· JAMB
The amount paid regularly by the insured to the insurer is the
Explanation and discussion
Question 18· Insurance· JAMB
Marine insurance covering a ship itself is
Explanation and discussion
Question 19· Insurance· JAMB
Mr Bello insures goods worth ₦800,000 for only ₦400,000 and suffers a loss of ₦200,000. Under the average clause he receives
Explanation and discussion
Question 20· Insurance· JAMB
Endowment assurance pays
Explanation and discussion

Practise Commerce like the real exam. A timed CBT, your score, and the topics to fix.

Start a Commerce test

JAMB Commerce questions: Insurance

The document setting out the terms of an insurance contract is the

Proximate cause in insurance means

Marine insurance covers

Insurable interest means the insured

Mr Ade insured his shop for ₦600,000 with Company X and for ₦400,000 with Company Y. A fire causes a loss of ₦500,000. Under the principle of contribution, Company Y pays

Reinsurance means

The principle that the insured must stand to lose financially if the insured item is damaged is

A cover note is

After paying a claim, the insurer takes over the insured's right to recover the loss from a third party. This is

Reinsurance is

Contribution in insurance applies when

The principle of proximate cause means the insurer pays only when the loss

Third-party motor insurance is compulsory in Nigeria because it

Under the principle of indemnity, after a loss the insured should be

The principle of insurance that requires the insured to disclose all material facts is

Life assurance differs from insurance because life assurance covers

The amount paid regularly by the insured to the insurer is the

Marine insurance covering a ship itself is

Mr Bello insures goods worth ₦800,000 for only ₦400,000 and suffers a loss of ₦200,000. Under the average clause he receives

Endowment assurance pays