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WAEC - Insurance (2016)

1
peril in insurance means
Answer
(B)
events that lead to a loss
2
The body charged with the responsibility to promote and uphold universally accepted standards in insurance business
Answer
(D)
Nigeria insurance commission
3
when a policy is cancelled before its expiry date, what is owed to the insured is
Answer
(C)
return premium
4
The person named to recieve the life assurance proceeds after the date of the life assured is?
Answer
(A)
beneficiary
5
A term insurance policy is cheap because?
Answer
(A)
there is no claim if the insured survives the period
6
which of the following benefits will be covered under personal accident insurance
Answer
(B)
medical expenses
7
An attachment to an insurance policy that modifies the policy is?
Answer
(D)
endorsement
8
An event sufficiently related to a legally recognizable injury to be the cause of that injury is?
Answer
(C)
proximate cause
9
which of the following professionals assist in determining the actual cost of a loss to be paid by an insurer on a claim
Answer
(C)
actuary
10
A blanket policy in fidelity guarantee insurance is to cover
Answer
(B)
all staff that may handle cash
11
A ''no claim discount'' will be granted under 
Answer
(D)
motor insurance
12
To insure any property, the insured must have
Answer
(A)
insurable interest
13
A motor policy that provides cover for the loss or damage of a vehicle used for farming purposes is
Answer
(C)
special type policy
14
one of the difference between contract of life assurance and non life insurance is?
Answer
(D)
non-life is subject to compensation while life is not
15
The duty of a loss assessor is to ensure
Answer
(A)
adequate compensation to the insured
16
which class of insurance would be required by a petrol filling station operator whose operation involve high financial  transactions?
Answer
(D)
money policy
17
which of the following conditions must be met before and insurer is under obligation to pay claim
Answer
(B)
premium payment
18
A risk classified is uninsurable when the
Answer
(B)
risk will occur no matter the precaution taken
19
A profefessional charged with the responsibility of assessing loss in insurance
Answer
(B)
adjuster
20
A clause that prevents the insurer from paying under a policy if the insured killed himself is?
Answer
(D)
suicide clause
21
A component of an insurance policy document that introduces the parties to the contract is,
Answer
(B)
recital clause
22
The responsibility of the institute of loss adjuster is to?
Answer
(A)
regulate the activities of its members
23
The process of transfering a risk already taken by an insurer to other insurers is?
Answer
(C)
reinsurance
24
In motor insurance, which of the following covers will take care of all parties that can be involded in an accident
Answer
(A)
comprehensive
25
A class of insurance that covers policy holders for losses caused by fruadulent employees is?
Answer
(C)
fidelity guarantee policy
26
Risk assumed by more than one insurance company and shared accordingly
Answer
(A)
co-insurance
27
An insurance cover that protects experts from bearing the cost of negligence arising from their service?
Answer
(C)
professional indemnity insurance
28
which of the following policies can be used as security for a loan.
Answer
(C)
term insurance policy
29
the insurance prinsiple that deals with mr adeyem's failure to inform the insurer about his wife's usage of the car is?
Answer
(D)
utmost good faith
30
what is the effect of the damage by rioters as regards the claim. he will?
Answer
(D)
be paid in full
31
what is the proximage cause of the damage to the car
Answer
(C)
riot
32
surrender value is the amount payable if the insured
Answer
(A)
does not want to continue with the life policy
33
business interruption claims will only be settled if it is caused by?
Answer
(B)
machinery breakdown
34
which of the following is a subject matter of insurance in fire policy
Answer
(A)
building
35
An insurer will recover claims paid wrongly to an insured if
Answer
(C)
the premium had not been paid
36
The principle of insurance that demands that the insured must stand to loss in the event of a loss before taking a policy is
Answer
(B)
insurable interest
37
A guarantee issue by an insurance company to support their client who is applying for a contract is 
Answer
(A)
performance bond
38

features of insurable risk include?

(i) fortuity (ii) insurer (iii) utmost good faith (iv) financial value

Answer
(C)
iii and iv
39
A document used to alter the information contained in the schedule of a policy is?
Answer
(B)
endorsement
40
Ex-gratia payment is made where there is
Answer
(A)
no legal liability obligation
41
the sum assured is the value of the?
Answer
(B)
policy
42
Hazard in insurance means?
Answer
(A)
a situation that posses a threat to life or property
43
A life insurance contract will be affected by failure to disclose?
Answer
(D)
correct date of birth
44
A document used to provide evidence of insurance if the policy document is not imediately available is
Answer
(B)
cover note
45
To assess aviation risks, the underwriter would want to know the
Answer
(C)
age of the aircraft