JAMB and WAEC Commerce questions: Insurance

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

All topics Advertising and marketing · 32 Business management and environment · 32 Commerce and its scope · 31 Communication · 33 Computers and ICT in business · 29 Consumer protection · 30 Documents used in trade · 34 Elements of commercial law · 31 Financing a business · 32 Foreign trade · 40 Forms of business organisation · 40 Home trade: retail and wholesale · 40 Insurance · 39 Money and banking · 40 Occupation and production · 33 The stock exchange · 34 Transport · 33 Warehousing · 28

Question 21· Insurance· JAMB
Contribution in insurance applies when
Explanation and discussion
Question 22· Insurance· WAEC
The principle of insurance that requires both parties to disclose all material facts is
Explanation and discussion
Question 23· Insurance· JAMB
The principle of proximate cause means the insurer pays only when the loss
Explanation and discussion
Question 24· Insurance· WAEC
Insurance which covers loss of goods at sea is
Explanation and discussion
Question 25· Insurance· JAMB
Third-party motor insurance is compulsory in Nigeria because it
Explanation and discussion
Question 26· Insurance· JAMB
Under the principle of indemnity, after a loss the insured should be
Explanation and discussion
Question 27· Insurance· WAEC
A life policy that pays a sum at a fixed date or on earlier death is
Explanation and discussion
Question 28· Insurance· WAEC
Fire insurance covers
Explanation and discussion
Question 29· Insurance· JAMB
The principle of insurance that requires the insured to disclose all material facts is
Explanation and discussion
Question 30· Insurance· JAMB
Life assurance differs from insurance because life assurance covers
Explanation and discussion
Question 31· Insurance· WAEC
An insurance broker is
Explanation and discussion
Question 32· Insurance· WAEC
Third-party motor insurance in Nigeria is
Explanation and discussion
Question 33· Insurance· JAMB
The amount paid regularly by the insured to the insurer is the
Explanation and discussion
Question 34· Insurance· WAEC
The principle of indemnity aims to
Explanation and discussion
Question 35· Insurance· JAMB
Marine insurance covering a ship itself is
Explanation and discussion
Question 36· 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 37· Insurance· JAMB
Endowment assurance pays
Explanation and discussion
Question 38· Insurance· WAEC
The regular payment made by the insured to the insurer is the
Explanation and discussion
Question 39· Insurance· JAMB
In life assurance, the person who receives the sum assured on the death of the insured is the
Explanation and discussion

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JAMB and WAEC Commerce questions: Insurance

Contribution in insurance applies when

The principle of insurance that requires both parties to disclose all material facts is

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

Insurance which covers loss of goods at sea is

Third-party motor insurance is compulsory in Nigeria because it

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

A life policy that pays a sum at a fixed date or on earlier death is

Fire insurance covers

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

Life assurance differs from insurance because life assurance covers

An insurance broker is

Third-party motor insurance in Nigeria is

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

The principle of indemnity aims to

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

The regular payment made by the insured to the insurer is the

In life assurance, the person who receives the sum assured on the death of the insured is the