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 1· Insurance· JAMB
The document setting out the terms of an insurance contract is the
Explanation and discussion
Question 2· Insurance· WAEC
The amount paid regularly for an insurance policy is the
Explanation and discussion
Question 3· Insurance· WAEC
After compensating a client, the insurer takes over the client's rights against a third party. This is
Explanation and discussion
Question 4· Insurance· JAMB
Proximate cause in insurance means
Explanation and discussion
Question 5· Insurance· JAMB
Marine insurance covers
Explanation and discussion
Question 6· Insurance· JAMB
Insurable interest means the insured
Explanation and discussion
Question 7· Insurance· WAEC
The principle that prevents an insured person from making a profit from a loss is
Explanation and discussion
Question 8· Insurance· WAEC
Life assurance differs from insurance because
Explanation and discussion
Question 9· Insurance· WAEC
The principle that the insured must disclose all material facts is
Explanation and discussion
Question 10· 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 11· Insurance· WAEC
The principle that requires the person seeking insurance to disclose all material facts is
Explanation and discussion
Question 12· Insurance· JAMB
Reinsurance means
Explanation and discussion
Question 13· Insurance· WAEC
Which of these risks cannot be insured?
Explanation and discussion
Question 14· Insurance· JAMB
The principle that the insured must stand to lose financially if the insured item is damaged is
Explanation and discussion
Question 15· Insurance· JAMB
A cover note is
Explanation and discussion
Question 16· Insurance· WAEC
After paying a claim, an insurer takes over the insured's rights against a third party. This is
Explanation and discussion
Question 17· Insurance· WAEC
The document that contains the terms of an insurance contract is the
Explanation and discussion
Question 18· 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 19· Insurance· JAMB
Reinsurance is
Explanation and discussion
Question 20· Insurance· WAEC
Insurable interest means that the insured
Explanation and discussion

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JAMB and WAEC Commerce questions: Insurance

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

The amount paid regularly for an insurance policy is the

After compensating a client, the insurer takes over the client's rights against a third party. This is

Proximate cause in insurance means

Marine insurance covers

Insurable interest means the insured

The principle that prevents an insured person from making a profit from a loss is

Life assurance differs from insurance because

The principle that the insured must disclose all material facts is

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

The principle that requires the person seeking insurance to disclose all material facts is

Reinsurance means

Which of these risks cannot be insured?

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, an insurer takes over the insured's rights against a third party. This is

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