JAMB · 10% of test plan
Commerce for the JAMB Exam
JAMB Commerce is required for business administration, accounting, marketing, and banking admissions. Questions cover trade (home and foreign trade), business organizations (sole trader, partnership, company), transport, warehousing, banking, insurance, and advertising. Strong performance requires memorizing precise definitions.
Locale-specific study guides
Pass-rate data, regulatory context, and study tips for Commerce all change by candidate locale. Pick your context:
Common failure modes
These are the patterns that cause most candidates to lose marks on this topic. Recognising them in advance is half the work.
- !Confusing types of business organizations — especially differences between private and public limited companies
- !Misidentifying the functions of the different clearing/central banks
- !Overlooking insurance terminology: premium, indemnity, insurable interest, subrogation
Study tips
- 1Create a comparison table for business organizations: formation, liability, management, capital, and dissolution.
- 2Memorize the 6 principles of insurance: insurable interest, utmost good faith, indemnity, contribution, subrogation, proximate cause.
- 3Practice JAMB past-paper Commerce questions — the question patterns repeat across years.
Sample JAMB Commerce questions
These sample items mirror the format and difficulty of real JAMB questions. Practice with thousands more on the free Koydo question bank.
- 1
The insurance principle that prevents the insured from making a profit from a claim is:
- AInsurable interest
- BUtmost good faith
- CIndemnityCorrect
- DSubrogation
Why this answer?
The principle of indemnity states that insurance should restore the insured to their financial position before the loss — no better, no worse. This prevents using insurance as a means of profit. It applies to most types of insurance except life insurance (which pays a fixed sum).
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