A document issued by an insurer giving temporary protection to the insure is?
Answer
(D)
cover note
2
The financial interest of the insured in an insurance policy is the
Answer
(C)
assignment of the contract
3
full return of premium paid for a contract of insurance is applicable in a situation involving?
Answer
(A)
double insurance
4
one of the steps taken by an insurer in claim settlement is to?
Answer
(B)
assess the risk
5
A risk considered as sub standard in future can be dealt with by insurers through
(i) premium loading (ii) double insurance (iii) excess imposition
Answer
(B)
I and III
6
Non-indemnity insurance policies are referred to as
Answer
(A)
benefit policies
7
insurer XYZ is jointly covered for two lines surplus treaty reinsurance by reinsurers I,J,K and L for a retention limit of N120,000. The amount of cession for reinsurer K if all reinsurers share the risk equally with the sum insured of N360,000 is?
Answer
(B)
N60,000
8
Marine cargo insurance indemnifies the insured for a loss of?
Answer
(C)
consignment
9
An insured arranges for his premium payment to cease at the age of 70. This is a whole life policy with
Answer
(B)
limited premium payment
10
One of the functions of the institute of loss adjuster of Nigeria is to
Answer
(C)
offer technical services in claim investigation
11
The legth of time in which a proposer is expected to effect changes in life insurance contract is?
Answer
(B)
cooling off period
12
modern insurance business was introduced into nigeria by?
Answer
(B)
British merchants
13
The use of gas burners for cutting and welding is considered in insurance contract as
Answer
(D)
an unfavourable physical hazard
14
The method of paying premium in life insurance contract in which premium payable increases as age increases is?
Answer
(A)
natural premium
15
The right to effect a contract of insurance on the life of a debtor by the creditor is?
Answer
(C)
insurable interest
16
A condition precedent to an insurance contract is the
Answer
(D)
existence of the subject matter of insurance
17
Addition of a new building to an existing fire and special perils insurance would be effected through the issuance of?
Answer
(B)
an endorsement
18
claims paid by insurers in the event of loss is irrecoverable when the?
Answer
(A)
average clause is applied
19
The minimum cover for motorist in nigeria is?
Answer
(B)
third party only
20
The class of insurance under which a visitor who was bitten by her host dog would be compensated is?
Answer
(B)
public liability insurance
21
A claimant who is not legally entitled to a claim under an insurance contract may be offered a payment on?
Answer
(D)
ex-gratia basis
22
one benefit of life insurance policy is that it serves as
Answer
(A)
replacement of earnings after injuries
23
concealment of information considered to be material to the contract of insurance is violating the principle of?
Answer
(D)
utmost good faith
24
Extension cover under money insurance policy doesnt include?
Answer
(A)
shortage
25
The form of term assurance that operates three options which must be excised before maturity is
Answer
(D)
convertible term insurance
26
The document used pending the issuance of certificate in motor insurance policy is
Answer
(A)
a cover note
27
contract of insurance which involves large industrial risks are handled for protection through the completion of?
Answer
(A)
a proposal form
28
The winding up of an insurance is legally required to be based on a petition written from not less than
Answer
(C)
50 policy holder
29
insurers requesting for membership of Nigeria Insurers Association is required by law to?
(i) have been registered with NAICOM (ii)operate with sound insurance principles (iii) hold membership of CHN (iv) ascribe to the policy holding of NIA
Answer
(B)
i, ii and iv
30
A general question in an insurance proposal form is
Answer
(A)
name of the proposal
31
An insurance policy is subject to a franchise of N115,000, how much would an insured who suffered of N120,000 recieve as compwnsation
Answer
(A)
N5,000
32
The insurance professional who assist the third party to evaluate the extent of loss in a motor accident is
Answer
(B)
a loss assessor
33
A reinsurance cover of N100,000 in excess of N20,000 was entered by insurer K with reinsurer M. In the event of a loss amounting to N120,000, M would pay?
Answer
(C)
N80,000
34
A loss assessor in a claim settlement process is representing the interest of the?
Answer
(A)
insured
35
one of the perils of nature is?
Answer
(B)
earthquake
36
A condition which the insuring public would use to evaluate the financial stability of an insurer is?
Answer
(A)
prompt payment of claims
37
A factor to be considered before a proposal for endowment assurance is accepted is the proposer's?
Answer
(C)
date of birth
38
payment of compensation under professional indemnity insurance would be influenced by?
Answer
(D)
negligence
39
car plying the road seeking passengers for payment of fares are classified by insurers as?
Answer
(B)
commercial vehicle
40
The subject matter of insurance in the package is?
Answer
(A)
obinna's life
41
The peril insured against by musa is
Answer
(B)
death
42
one of the duties of a loss adjustor is
Answer
(C)
estimate maximum loss
43
family income benefit effected without capital benefit pays the sum assured from the date of?
Answer
(B)
survival of the assured till a specified period
44
A manufacturing company whose production was abruptly stopped by fire incidence would have its claim for loss of earning settled under the class of
Answer
(D)
consequential loss insurance
45
An insurance that could be effected with profit feauture is
