JAMB and WAEC Commerce questions

611 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 421· Insurance· WAEC
The document that contains the terms of an insurance contract is the
Explanation and discussion
Question 422· 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 423· Insurance· JAMB
Reinsurance is
Explanation and discussion
Question 424· Insurance· WAEC
Insurable interest means that the insured
Explanation and discussion
Question 425· Insurance· JAMB
Contribution in insurance applies when
Explanation and discussion
Question 426· Insurance· WAEC
The principle of insurance that requires both parties to disclose all material facts is
Explanation and discussion
Question 427· Insurance· JAMB
The principle of proximate cause means the insurer pays only when the loss
Explanation and discussion
Question 428· Insurance· WAEC
Insurance which covers loss of goods at sea is
Explanation and discussion
Question 429· Insurance· JAMB
Third-party motor insurance is compulsory in Nigeria because it
Explanation and discussion
Question 430· Insurance· JAMB
Under the principle of indemnity, after a loss the insured should be
Explanation and discussion
Question 431· Insurance· WAEC
A life policy that pays a sum at a fixed date or on earlier death is
Explanation and discussion
Question 432· Insurance· WAEC
Fire insurance covers
Explanation and discussion
Question 433· Insurance· JAMB
The principle of insurance that requires the insured to disclose all material facts is
Explanation and discussion
Question 434· Insurance· JAMB
Life assurance differs from insurance because life assurance covers
Explanation and discussion
Question 435· Insurance· WAEC
An insurance broker is
Explanation and discussion
Question 436· Insurance· WAEC
Third-party motor insurance in Nigeria is
Explanation and discussion
Question 437· Insurance· JAMB
The amount paid regularly by the insured to the insurer is the
Explanation and discussion
Question 438· Insurance· WAEC
The principle of indemnity aims to
Explanation and discussion
Question 439· Insurance· JAMB
Marine insurance covering a ship itself is
Explanation and discussion
Question 440· 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

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JAMB and WAEC Commerce questions

The document that contains the terms of an insurance contract is the

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

Reinsurance is

Insurable interest means that the insured

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