insurance: 100 Insurance JAMB CBT Questions & Answers for 2024

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Question 1: A motorist travelling from Ghana to Nigeria would be required to obtain one of the following types of motor insurance cover.

A: green card

B: brown card {correct answer for question number 1.}

C: yellow card

D: purple card

E: purple card

Solution: The correct answer to the Jamb question number 1 is 'B' which is 'brown card'.

Question 2: Who among the following is an employer of loss adjuster?.

A: Insurer {correct answer for question number 2.}

B: Broker

C: Insured

D: Agent

E: Agent

Solution: The correct answer to the Jamb question number 2 is 'A' which is 'Insurer'.

Question 3: An insurance contract where both parties signed the agreement which involve mutuality of agreement is known as.

A: unilateral contract

B: multilateral contract

C: bilateral contract {correct answer for question number 3.}

D: united contract

E: united contract

Solution: The correct answer to the Jamb question number 3 is 'C' which is 'bilateral contract'.

Question 4: ---------- is the evidence cover of the risk given to the insured by the insurer.

A: Cover

B: Policy {correct answer for question number 4.}

C: Claim

D: Compensation

E: Compensation

Solution: The correct answer to the Jamb question number 4 is 'B' which is 'Policy'.

Question 5: The part of a policy form that shows the name and address of the company is known as.

A: heading {correct answer for question number 5.}

B: conclusion

C: condition

D: preamble

E: preamble

Solution: The correct answer to the Jamb question number 5 is 'A' which is 'heading'.

Question 6: Subrogation principle can be applied in the following insurance policies except in.

A: motor

B: Life {correct answer for question number 6.}

C: Marine

D: Aviation

E: Aviation

Solution: The correct answer to the Jamb question number 6 is 'B' which is 'Life'.

Question 7: The amount charged when a ship overstays at the port under a marine contract is.

A: penalty

B: fine

C: overcharge

D: demurrage {correct answer for question number 7.}

E: demurrage

Solution: The correct answer to the Jamb question number 7 is 'D' which is 'demurrage'.

Question 8: Subrogation principle can be applied in the following insurance policies except in -------- policy.

A: Life {correct answer for question number 8.}

B: Motor

C: Theft

D: Burglary

E: Burglary

Solution: The correct answer to the Jamb question number 8 is 'A' which is 'Life'.

Question 9: Life assurance provides dual benefits of savings and ------------ to a policy holder.

A: Acceptance

B: Consideration

C: Contribution

D: Security {correct answer for question number 9.}

E: Security

Solution: The correct answer to the Jamb question number 9 is 'D' which is 'Security'.

Question 10: Which of the following is a component of premium in insurance?.

A: Margin

B: Reserve

C: Funds {correct answer for question number 10.}

D: Capital

E: Capital

Solution: The correct answer to the Jamb question number 10 is 'C' which is 'Funds'.

Question 11: A financial compensation sufficient to return the insured back to his original position after loss is known as.

A: Deposit

B: Loan

C: Indemnity {correct answer for question number 11.}

D: Overdraft

E: Overdraft

Solution: The correct answer to the Jamb question number 11 is 'C' which is 'Indemnity'.

Question 12: One of the information contained in a renewal notice is the.

A: previous losses

B: location of the risk

C: occupation of the insured

D: sum insured {correct answer for question number 12.}

E: sum insured

Solution: The correct answer to the Jamb question number 12 is 'D' which is 'sum insured'.

Question 13: One of the features of term assurance is.

A: investment

B: profit

C: protection

D: surrender {correct answer for question number 13.}

E: surrender

Solution: The correct answer to the Jamb question number 13 is 'D' which is 'surrender'.

Question 14: If the insured does not want the contract to continue he receives.

A: surrender value {correct answer for question number 14.}

B: consideration

C: premium

D: commission

E: commission

Solution: The correct answer to the Jamb question number 14 is 'A' which is 'surrender value'.

Question 15: A reinsurance contract in which the reassured agrees to offer and the reinsurer agrees to accept all risks of certain size within a defined class is.

A: underwriting

B: treaty {correct answer for question number 15.}

C: tort

D: syndicate

E: syndicate

Solution: The correct answer to the Jamb question number 15 is 'B' which is 'treaty'.

Question 16: A prospective insured in an engineering insurance may be advised to purchase one of the following classes of insurance.

A: fire cover

B: boiler cover

C: tempest cover

D: equipment cover {correct answer for question number 16.}

E: equipment cover

Solution: The correct answer to the Jamb question number 16 is 'D' which is 'equipment cover'.

Question 17: Any information that will influence a prudent insurer is called.

A: contract

B: misrepresentation

C: disclosure

D: Material facts {correct answer for question number 17.}

E: Material facts

Solution: The correct answer to the Jamb question number 17 is 'D' which is 'Material facts'.

Question 18: The principle that requires the insured to disclose to the insurer all matters relating to the object of insurance is called.

A: Uberrimae fidei {correct answer for question number 18.}

B: Proximate cause

C: Abandonment

D: Subrogation

E: Subrogation

Solution: The correct answer to the Jamb question number 18 is 'A' which is 'Uberrimae fidei'.

Question 19: In insurance contract the insured is the.

A: offeror {correct answer for question number 19.}

B: offeree

C: Actuary

D: Ofree

E: Ofree

Solution: The correct answer to the Jamb question number 19 is 'A' which is 'offeror'.

Question 20: Re-insurance means.

A: accumulation of risk

B: multiplication of risk

C: transfer of risk {correct answer for question number 20.}

D: adding of risk

E: adding of risk

Solution: The correct answer to the Jamb question number 20 is 'C' which is 'transfer of risk'.

Question 21: Which of the following is not a component of an insurance policy?.

A: Signature clause

B: Particular clause {correct answer for question number 21.}

C: Recital clause

D: Operative clause

E: Operative clause

Solution: The correct answer to the Jamb question number 21 is 'B' which is 'Particular clause'.

Question 22: In a contract of insurance, a firm statement is usually made by a person known as the.

A: offeror {correct answer for question number 22.}

B: offeree

C: insur

D: client

E: client

Solution: The correct answer to the Jamb question number 22 is 'A' which is 'offeror'.

Question 23: The duty of the loss adjuster in insurance claims is to.

A: Make loss

B: Prevent loss

C: Safeguard loss

D: Recommend appropriate payment {correct answer for question number 23.}

E: Recommend appropriate payment

Solution: The correct answer to the Jamb question number 23 is 'D' which is 'Recommend appropriate payment'.

Question 24: A provision in a policy that exempts an insurer from liability if the loss is less than a certain amount is.

A: excess {correct answer for question number 24.}

B: transfer

C: lay days

D: franchise

E: franchise

Solution: The correct answer to the Jamb question number 24 is 'A' which is 'excess'.

Question 25: The uncertainty as to the occurrence of a loos is.

A: Hazard

B: Loss

C: Risk {correct answer for question number 25.}

D: insurance

E: insurance

Solution: The correct answer to the Jamb question number 25 is 'C' which is 'Risk'.

Question 26: The principle of subrogation imposed an obligation on the insured to.

A: Disclose all material information

B: Have financial risks in the object

C: Press for compensation

D: Surrender legal right after compensation {correct answer for question number 26.}

E: Surrender legal right after compensation

Solution: The correct answer to the Jamb question number 26 is 'D' which is 'Surrender legal right after compensation'.

Question 27: Marine insurance policy which covers all the ship or vessels belonging to one owner is.

A: flect policy {correct answer for question number 27.}

B: mixed policy

C: value policy

D: fixed policy

E: fixed policy

Solution: The correct answer to the Jamb question number 27 is 'A' which is 'flect policy'.

Question 28: The alternative to seeking for surrender value in a life assurance contract is.

A: automatic non - forfeiture

B: revival condition

C: paid-up policy {correct answer for question number 28.}

D: standing order

E: standing order

Solution: The correct answer to the Jamb question number 28 is 'C' which is 'paid-up policy'.

Question 29: The following are examples of bad moral hazard except.

A: Fraudulent activities

B: Carelessness

C: Honesty {correct answer for question number 29.}

D: Unreasonableness

E: Unreasonableness

Solution: The correct answer to the Jamb question number 29 is 'C' which is 'Honesty'.

Question 30: Subrogation principle can be applied in the following insurance policies except in.

A: motor

B: Life {correct answer for question number 30.}

C: Marine

D: Aviation

E: Aviation

Solution: The correct answer to the Jamb question number 30 is 'B' which is 'Life'.

Question 31: Non- indemnity insurance means that the assured can.

A: be restored back to his former position

B: not be restored back to his former position {correct answer for question number 31.}

C: be brought back to contract

D: not be brought back to contract

E: not be brought back to contract

Solution: The correct answer to the Jamb question number 31 is 'B' which is 'not be restored back to his former position'.

Question 32: Which of the following policies is a peril covered under a standard fire policy?.

A: Lightning {correct answer for question number 32.}

B: Storm

C: Civil commotion

D: Escape of oil

E: Escape of oil

Solution: The correct answer to the Jamb question number 32 is 'A' which is 'Lightning'.

Question 33: The coming together of minds of the two parties to the insurance contract is called.

A: surrender value

B: acceptance

C: consensus ad-idem {correct answer for question number 33.}

D: adhesion

E: adhesion

Solution: The correct answer to the Jamb question number 33 is 'C' which is 'consensus ad-idem'.

Question 34: Payment of claims in liability insurance are usually made in favour of.

A: insurance agent

B: a third party {correct answer for question number 34.}

C: employees

D: employers

E: employers

Solution: The correct answer to the Jamb question number 34 is 'B' which is 'a third party'.

Question 35: Insurance is defined as.

A: risking of loss

B: pooling of risk {correct answer for question number 35.}

C: gathering of risk

D: waiving of risk

E: waiving of risk

Solution: The correct answer to the Jamb question number 35 is 'B' which is 'pooling of risk'.

Question 36: The owner of a life assurance policy who enters into an agreement to sell the ownership of the policy and beneficiary rights upon the death of the insured is called.

A: an underwriter

B: a aviator

C: a factor

D: an assessor {correct answer for question number 36.}

E: an assessor

Solution: The correct answer to the Jamb question number 36 is 'D' which is 'an assessor'.

Question 37: The document issued by the insurer when there is a change in the particulars of a risk insured is.

A: endorsement {correct answer for question number 37.}

B: certificate

C: voucher

D: policy

E: policy

Solution: The correct answer to the Jamb question number 37 is 'A' which is 'endorsement'.

Question 38: The monetary consideration paid by the insured to the insurers for the insurance granted by the policy is called.

A: Premium {correct answer for question number 38.}

B: Money

C: Price

D: Benefit

E: Benefit

Solution: The correct answer to the Jamb question number 38 is 'A' which is 'Premium'.

Question 39: A reminder to the insured that this existing contract is due to expire is.

A: proposal form

B: slip

C: claim form

D: renewal notice {correct answer for question number 39.}

E: renewal notice

Solution: The correct answer to the Jamb question number 39 is 'D' which is 'renewal notice'.

Question 40: A policy taken for full protection against fire and other risks such as flood, tempest, riot and civil commotion is.

A: consequential loss {correct answer for question number 40.}

B: fire and all risks policy

C: combined householder’s policy

D: fire and special perils

E: fire and special perils

Solution: The correct answer to the Jamb question number 40 is 'A' which is 'consequential loss'.

Question 41: The statement “ I to the best of my knowledge hereby confirm that the statements contained in this prosal form are true and correct” represents.

A: confirmation

B: declaration {correct answer for question number 41.}

C: witnessing

D: humility

E: humility

Solution: The correct answer to the Jamb question number 41 is 'B' which is 'declaration'.

Question 42: One of the essential features of insurance contract is.

A: Premium

B: Subrogation

C: Interest

D: Disclosure {correct answer for question number 42.}

E: Disclosure

Solution: The correct answer to the Jamb question number 42 is 'D' which is 'Disclosure'.

Question 43: One of the objectives of buying a term assurance policy is to.

A: protect dependants in case of death of the life assured {correct answer for question number 43.}

B: reduce financial burden of the life assured

C: supplement retirement income of the life assured

D: maximize savings from the life assured

E: maximize savings from the life assured

Solution: The correct answer to the Jamb question number 43 is 'A' which is 'protect dependants in case of death of the life assured'.

Question 44: Another name for business interruption insurance is.

A: property insurance

B: consequential loss {correct answer for question number 44.}

C: credit insurance

D: excess loss

E: excess loss

Solution: The correct answer to the Jamb question number 44 is 'B' which is 'consequential loss'.

Question 45: The following are exempted from a contract because they do not have the contractual capacity except.

A: Drunkard

B: Alien

C: Mental patient

D: Adult {correct answer for question number 45.}

E: Adult

Solution: The correct answer to the Jamb question number 45 is 'D' which is 'Adult'.

Question 46: Partial loss can be divided into.

A: particular average and general average {correct answer for question number 46.}

B: particular average and total loss

C: actual loss and total loss

D: total loss and particular loss

E: total loss and particular loss

Solution: The correct answer to the Jamb question number 46 is 'A' which is 'particular average and general average'.

Question 47: The legal right that a person must have to enable him or her to insure his or her property is known as.

A: freedom

B: franchise

C: insurable interest {correct answer for question number 47.}

D: Access right

E: Access right

Solution: The correct answer to the Jamb question number 47 is 'C' which is 'insurable interest'.

Question 48: One of the information contained in a motor insurance cover note is the.

A: behaviour of the insured

B: occupation of the insured

C: commencement date {correct answer for question number 48.}

D: previous and present insurance history

E: previous and present insurance history

Solution: The correct answer to the Jamb question number 48 is 'C' which is 'commencement date'.

Question 49: An insurance contract which does not involve mutuality of agreement in which only one of the parties involved in the contract makes promises that are legally binding is called.

A: double contract

B: single contract

C: multilateral contract

D: unilateral contract {correct answer for question number 49.}

E: unilateral contract

Solution: The correct answer to the Jamb question number 49 is 'D' which is 'unilateral contract'.

Question 50: The saving element in a permanent life assurance policy which represent the policyholder’s interest in the policy is.

A: surrender value

B: cash value

C: sum assured {correct answer for question number 50.}

D: residual value

E: residual value

Solution: The correct answer to the Jamb question number 50 is 'C' which is 'sum assured'.

Question 51: The following risks are insurable except.

A: particular

B: pure

C: static

D: dynamic risk {correct answer for question number 51.}

E: dynamic risk

Solution: The correct answer to the Jamb question number 51 is 'D' which is 'dynamic risk'.

Question 52: The professional service required for effective claims administration by insurers would be provided by.

A: loss assessors

B: risk managers

C: loss adjusters {correct answer for question number 52.}

D: claims consultants

E: claims consultants

Solution: The correct answer to the Jamb question number 52 is 'C' which is 'loss adjusters'.

Question 53: Which of the following factors limits indemnity?.

A: Cession

B: Re - insurance {correct answer for question number 53.}

C: Excess

D: Co - insurance

E: Co - insurance

Solution: The correct answer to the Jamb question number 53 is 'B' which is 'Re - insurance'.

Question 54: A relief to insurer of each and every loss which does not exceed a specified amount is.

A: Excess

B: Franchise {correct answer for question number 54.}

C: Deductible

D: Annuity

E: Annuity

Solution: The correct answer to the Jamb question number 54 is 'B' which is 'Franchise'.

Question 55: Insurers A and B cover a risk at the ratio of 2:5 for the sum insured of N= 1,800. How much would insurer A get from the risk?.

A: N= 1,285.00

B: N= 771.00

C: N= 514.00 {correct answer for question number 55.}

D: N= 180.00

E: N= 180.00

Solution: The correct answer to the Jamb question number 55 is 'C' which is 'N= 514.00'.

Question 56: Cover note in motor insurance is issued for a period not exceeding.

A: 30 days {correct answer for question number 56.}

B: 60 days

C: 90 days

D: 120 days

E: 120 days

Solution: The correct answer to the Jamb question number 56 is 'A' which is '30 days'.

Question 57: One of the following is legally used by the insured while the policy is being processed.

A: indemnity form

B: claim form

C: cover note {correct answer for question number 57.}

D: proposal form

E: proposal form

Solution: The correct answer to the Jamb question number 57 is 'C' which is 'cover note'.

Question 58: The temporary document issued by the insurer to the insured while the policy is being prepared is.

A: insurance certificate

B: promissory note

C: exchange slip

D: cover note {correct answer for question number 58.}

E: cover note

Solution: The correct answer to the Jamb question number 58 is 'D' which is 'cover note'.

Question 59: The following are types of life assurances, except.

A: annuity

B: Endowment

C: Hire purchase {correct answer for question number 59.}

D: Whole life

E: Whole life

Solution: The correct answer to the Jamb question number 59 is 'C' which is 'Hire purchase'.

Question 60: Insurance against risk is possible because of the law of.

A: large numbers {correct answer for question number 60.}

B: few numbers

C: inverse proportion

D: diminishing returns

E: diminishing returns

Solution: The correct answer to the Jamb question number 60 is 'A' which is 'large numbers'.

Question 61: Which of the following activities is not involved in claims management?.

A: Proof of loss

B: Particulars of loss

C: Premium calculation {correct answer for question number 61.}

D: Primary investigation

E: Primary investigation

Solution: The correct answer to the Jamb question number 61 is 'C' which is 'Premium calculation'.

Question 62: A type of re - insurance where the re - insurer has the option to accept or reject any risk presented for re-insurance is.

A: stop loss

B: facultative {correct answer for question number 62.}

C: treaty

D: excess of loss

E: excess of loss

Solution: The correct answer to the Jamb question number 62 is 'B' which is 'facultative'.

Question 63: A small fixed sum retained by the insured in the form of a claim is.

A: slip

B: severity {correct answer for question number 63.}

C: excess

D: frequency

E: frequency

Solution: The correct answer to the Jamb question number 63 is 'B' which is 'severity'.

Question 64: Which of these is insurable?.

A: Fire {correct answer for question number 64.}

B: Inflation

C: Bad publicity

D: Riot and war

E: Riot and war

Solution: The correct answer to the Jamb question number 64 is 'A' which is 'Fire'.

Question 65: A card used by motorist in the West African sub-region is called.

A: insurance certificate

B: insurance register

C: insurance green card

D: Ecowas brown card {correct answer for question number 65.}

E: Ecowas brown card

Solution: The correct answer to the Jamb question number 65 is 'D' which is 'Ecowas brown card'.

Question 66: A house worth N=60,000 insured against fire for N=40,000. Fire destroyed and cause damage worth N=30,000. On the house under which insurance principle will the owner be entitled to compensation of N=30,000..

A: Contribution

B: Subrogation

C: indemnity {correct answer for question number 66.}

D: Uberrimae fidei

E: Uberrimae fidei

Solution: The correct answer to the Jamb question number 66 is 'C' which is 'indemnity'.

Question 67: Which of the following is the function of a loss adjuster?.

A: Ensures payment of adequate compensation {correct answer for question number 67.}

B: Advises the insurer on claim

C: Operates with unlimited authority

D: Notifies insurer of the loss

E: Notifies insurer of the loss

Solution: The correct answer to the Jamb question number 67 is 'A' which is 'Ensures payment of adequate compensation'.

Question 68: A method of providing indemnity in the event of loss is.

A: cash payment {correct answer for question number 68.}

B: professional advice

C: resolution of policy

D: resolution of dispute

E: resolution of dispute

Solution: The correct answer to the Jamb question number 68 is 'A' which is 'cash payment'.

Question 69: The payment made by underwriter as a form of kindness without admission of liability so as to maintain goodwill is known as ------------.

A: Kindness payment

B: Ex-gratia payment {correct answer for question number 69.}

C: Favour payment

D: Claim

E: Claim

Solution: The correct answer to the Jamb question number 69 is 'B' which is 'Ex-gratia payment'.

Question 70: A person who has lawful possession of goods belonging to another is known as.

A: Owner

B: Bailee {correct answer for question number 70.}

C: Agent

D: Trustee

E: Trustee

Solution: The correct answer to the Jamb question number 70 is 'B' which is 'Bailee'.

Question 71: An insurance principle that requires the insured to be honest and disclose all relevant facts is called.

A: subrogation

B: utmost good faith {correct answer for question number 71.}

C: proximate cause

D: insurable interest

E: insurable interest

Solution: The correct answer to the Jamb question number 71 is 'B' which is 'utmost good faith'.

Question 72: Which of the following functions is related to life assurance contract? Benefits are.

A: determined on the happening of insured event

B: determined by the indemnity doctrine

C: determined at the inception of the policy {correct answer for question number 72.}

D: assessed by the extent of the loss

E: assessed by the extent of the loss

Solution: The correct answer to the Jamb question number 72 is 'C' which is 'determined at the inception of the policy'.

Question 73: Which of the following functions is related to life assurance contract? Benefits are.

A: determined on the happening of insured event

B: determined by the indemnity doctrine

C: determined at the inception of the policy {correct answer for question number 73.}

D: assessed by the extent of the loss

E: assessed by the extent of the loss

Solution: The correct answer to the Jamb question number 73 is 'C' which is 'determined at the inception of the policy'.

Question 74: To break or act contrary to a law or promise means.

A: Breach {correct answer for question number 74.}

B: Shake

C: Confirm

D: Disagreement

E: Disagreement

Solution: The correct answer to the Jamb question number 74 is 'A' which is 'Breach'.

Question 75: Factor that causes an exposure to injury, loss or damage is.

A: Risk

B: Hazard {correct answer for question number 75.}

C: Peril

D: Accident

E: Accident

Solution: The correct answer to the Jamb question number 75 is 'B' which is 'Hazard'.

Question 76: The uncertainty of an event occurring is known as.

A: Hazard

B: Risk {correct answer for question number 76.}

C: Loss

D: Accident

E: Accident

Solution: The correct answer to the Jamb question number 76 is 'B' which is 'Risk'.

Question 77: The maximum number of days allowed for a policy holder to pay his renewal premium after it has become due is called.

A: surrender value

B: conditions

C: days of grace {correct answer for question number 77.}

D: days of liberty

E: days of liberty

Solution: The correct answer to the Jamb question number 77 is 'C' which is 'days of grace'.

Question 78: The right of choice of option for method of indemnity is exercised by the.

A: insured

B: insurance broker

C: insurance consultant

D: insurer {correct answer for question number 78.}

E: insurer

Solution: The correct answer to the Jamb question number 78 is 'D' which is 'insurer'.

Question 79: A place where the business of insurance is transacted is called a/an.

A: Insurance market {correct answer for question number 79.}

B: Brokerage firm

C: Insurance house

D: Insurance conference room

E: Insurance conference room

Solution: The correct answer to the Jamb question number 79 is 'A' which is 'Insurance market'.

Question 80: A financial compensation sufficient to return the insured back to the original position after loss is known as.

A: deposit

B: loan

C: indemnity {correct answer for question number 80.}

D: profit

E: profit

Solution: The correct answer to the Jamb question number 80 is 'C' which is 'indemnity'.

Question 81: The insured is also known as.

A: the client

B: the consumer

C: the policy holder {correct answer for question number 81.}

D: agent

E: agent

Solution: The correct answer to the Jamb question number 81 is 'C' which is 'the policy holder'.

Question 82: The primary function of insurance is.

A: making profit

B: managing of risk

C: spreading of risk {correct answer for question number 82.}

D: prevention of accident

E: prevention of accident

Solution: The correct answer to the Jamb question number 82 is 'C' which is 'spreading of risk'.

Question 83: Any circumstance that promotes the probability of a loss is called.

A: Accident

B: Hazard {correct answer for question number 83.}

C: Loss

D: Risk

E: Risk

Solution: The correct answer to the Jamb question number 83 is 'B' which is 'Hazard'.

Question 84: The policy that provides protection for goods or cargoes and ships against the perils of the sea is.

A: Fire

B: Marine {correct answer for question number 84.}

C: Aviation

D: Credit

E: Credit

Solution: The correct answer to the Jamb question number 84 is 'B' which is 'Marine'.

Question 85: An insurance cover for lawyers, accountants and brokers is.

A: Employment

B: Professional {correct answer for question number 85.}

C: Public

D: Product

E: Product

Solution: The correct answer to the Jamb question number 85 is 'B' which is 'Professional'.

Question 86: The shifting of responsibility of one’s own losses to another is known as ---------- transfer.

A: Fund

B: Risk {correct answer for question number 86.}

C: Business

D: Policy

E: Policy

Solution: The correct answer to the Jamb question number 86 is 'B' which is 'Risk'.

Question 87: The temporary document issued by the insurer to the insured while the policy is being prepared is.

A: insurance certificate

B: promissory note

C: exchange slip

D: cover note {correct answer for question number 87.}

E: cover note

Solution: The correct answer to the Jamb question number 87 is 'D' which is 'cover note'.

Question 88: With assurance contract there is.

A: uncertainly of reward

B: certainty of reward

C: certainty of occurrence {correct answer for question number 88.}

D: uncertainty of occurrence

E: uncertainty of occurrence

Solution: The correct answer to the Jamb question number 88 is 'C' which is 'certainty of occurrence'.

Question 89: The uncertainty as to the occurrence of a loos is.

A: Hazard

B: Loss

C: Risk {correct answer for question number 89.}

D: insurance

E: insurance

Solution: The correct answer to the Jamb question number 89 is 'C' which is 'Risk'.

Question 90: To which of the following parties does the principle of utmost good faith apply in a contract of insurance?.

A: The proposer only

B: The insurer only

C: The insurer and proposer {correct answer for question number 90.}

D: The third party and insured

E: The third party and insured

Solution: The correct answer to the Jamb question number 90 is 'C' which is 'The insurer and proposer'.

Question 91: Risk whose cause is beyond human control is.

A: Fundamental {correct answer for question number 91.}

B: Speculative

C: Particular

D: Static

E: Static

Solution: The correct answer to the Jamb question number 91 is 'A' which is 'Fundamental'.

Question 92: Business interruption insurance can also be called.

A: consequential loss {correct answer for question number 92.}

B: constructive loss

C: partial loss

D: general loss

E: general loss

Solution: The correct answer to the Jamb question number 92 is 'A' which is 'consequential loss'.

Question 93: A card used by motorist in the West African sub-region is called.

A: Brown card {correct answer for question number 93.}

B: Certificate

C: Insurance card

D: visa card

E: visa card

Solution: The correct answer to the Jamb question number 93 is 'A' which is 'Brown card'.

Question 94: A professional officer of an insurance company whose duty among others is to calculate the premium to be paid by the insured is called.

A: Agent

B: Principal

C: Actuarist {correct answer for question number 94.}

D: Adjuster

E: Adjuster

Solution: The correct answer to the Jamb question number 94 is 'C' which is 'Actuarist'.

Question 95: The evidence of the insurance contract is.

A: proposal form

B: policy {correct answer for question number 95.}

C: schedule

D: endorsement

E: endorsement

Solution: The correct answer to the Jamb question number 95 is 'B' which is 'policy'.

Question 96: Abandonment is mostly applicable to.

A: marine insurance

B: motor insurance {correct answer for question number 96.}

C: fire insurance

D: engineering insurance

E: engineering insurance

Solution: The correct answer to the Jamb question number 96 is 'B' which is 'motor insurance'.

Question 97: The policy that provides protection for goods or cargoes and ships against the perils of the sea is.

A: Fire

B: Marine {correct answer for question number 97.}

C: Aviation

D: Credit

E: Credit

Solution: The correct answer to the Jamb question number 97 is 'B' which is 'Marine'.

Question 98: A payment made by insurer as a form of sympathy to maintain goodwill is.

A: Compensation payment

B: Contract payment

C: Charity payment

D: Ex - gratia payment {correct answer for question number 98.}

E: Ex - gratia payment

Solution: The correct answer to the Jamb question number 98 is 'D' which is 'Ex - gratia payment'.

Question 99: One of the information contained in a renewal notice is the.

A: previous losses

B: location of the risk

C: occupation of the insured

D: sum insured {correct answer for question number 99.}

E: sum insured

Solution: The correct answer to the Jamb question number 99 is 'D' which is 'sum insured'.

Question 100: One of the information contained in a motor insurance cover note is the.

A: behaviour of the insured

B: occupation of the insured

C: commencement date {correct answer for question number 100.}

D: previous and present insurance history

E: previous and present insurance history

Solution: The correct answer to the Jamb question number 100 is 'C' which is 'commencement date'.