WAEC - Insurance (2017)
1
The right which an insurer has to stand in the place of the insured against a negligent party is?
2
A life policy holder enjoy days of grace
Answer(B)
at the renewal time of the policy
3
which of the following factors is not considered when calculating premium in life assurance policy
4
A functional reinsurance is that it
Answer(A)
protects the account of the insurer against large claims
5
A method of providing indemnity under glass insurance policy is?
6
which type of insurance product is appropriate for a young couple who is embarking on a holiday trip abroad?
7
information required in a proposal form for employer's liability is insurance include
Answer(B)
the number of employees and the annual wage roll of the proposer
8
The reason for issuing certificate of motor insurance is that , it is
Answer(A)
required by law for all motor policy holders
9
The principle of utmost good faith allows the insured
Answer(D)
to make a full disclosure of the proposed risk
10
A primary function of insurance is the?
Answer(D)
loss prevention and control
11
one of the feature of ''with profit whole life assurance'' is that profit is allocated to the policy?
Answer(B)
up to the date of death of the policyholder
12
The price paid for the purchase of insurance policy is?
13
The period of insurance in non-life insurance contract is usually
14
The demand for payment made by the insured to the insurer following occurence of the event insured against is
15
Term insurance benefits are payable
16
An insurance intermediary that is professionally liable for acts of negligence in the discharge of his duties to his client is an insurance
17
life insurance is a contract of?
18
In an endowment policy, benefits are paid at death or
Answer(A)
a lump sum is paid on maturity
19
The part of the policy that describes the event that could lead to loss in an insurance contract is
20
Insurance is defined as pooling of risk because many people
Answer(B)
with common risk insure with the same company
21
The policy of insurance is signed by the?
Answer(B)
representative of the insurer
22
The document that is legally required to be issued by insurers in respect of compulsory insurance is
23
The class of insurance that does not require a certificate is?
24
How many days are allowed in life insurance as days of grace
25
The person that buys a life insurance policy is an
26
The body that regulates the activities of insurance market in Nigeria
Answer(A)
National Insurance Commission
27
Life policies can be used as a collateral for loan when the policy has?
28
The factor which increases the possibility of loss that emanates from the insured attitude is?
29
The expert who uses statistics to develop the premium payable in a life contract is an
30
The insured who suffered a loss would be entitled to the amount of compensation payable for the loss under the principle of?
31
A life policy that pays the sum assured if the policy holder dies anytime within the policy period is
32
A policy that covers a trader against the risk of payment default by customer is
33
which of the following professionals is an operator in the reinsurance market?
34
The part of a policy that describes the event that led to a loss is
35
The type of life insurance policy where the premium goes towards the policy with no interest element is
36
The document used by the insurer to ask questions about a risk to be covered is
37
The policy which covers either death or disability resulting from an injury is
Answer(A)
personal accident insurance
38
The first insurance company to establish its branch office in Nigeria is
39
The insurance cover a businessman who buys goods from lagos and wants to transport it to kano would require is
Answer(D)
goods in transit insurance
40
The policy cover with musa insurance is
