Which of the following is referred to as the oldest form of insurance?

Assessment: WAEC SSCE - Commerce - 2007 (Objective) Subject: Commerce

Question 1 Report

Which of the following is referred to as the oldest form of insurance?
Answer Details
Marine insurance is referred to as the oldest form of insurance. This is because it has been in existence for over 4000 years, with evidence of its practice dating back to ancient Babylonian times. Marine insurance is a type of insurance that provides coverage for marine vessels, cargo, and related risks, such as piracy and collisions at sea. It was originally developed to protect merchants and traders from the risks associated with shipping goods over long distances, and it remains an important form of insurance today.
Read lesson note on Commerce (JAMB)
View Answer

Related Questions

1

The ancillary to trade which ensures that people gain access to facts pertaining to goods is
2

The staff responsible for the calculations of probability of losses in insurance is the
3

A partnership cannot raise its capital by
4

Who among the following does not render direct service?
5

The rate at which the country's import exchanges for its export is known as
6

Which of the following is classified as an extractive industry ?
7

Which of the following is not required in the mail order business?
8

Which of the following was not used as a medium of exchange by the early Europeans that came to West Africa?

Download The App On Google Playstore

Everything you need to excel in your exams

Green Bridge CBT Mobile App
Personalized AI Learning Chat Assistant
200,000+ Exam Questions Across IGCSE, JAMB, WAEC & NECO
Over 3,900 Lesson Notes
Offline Support - Learn Anytime, Anywhere
Green Bridge Timetable
Literature Summaries & Potential Questions
Track Your Performance & Progress
In-depth Explanations for Comprehensive Learning