WAEC - Insurance (2016)

• 1

  peril in insurance means

  回答

  (B)

  events that lead to a loss
• 2

  The body charged with the responsibility to promote and uphold universally accepted standards in insurance business

  回答

  (D)

  Nigeria insurance commission
• 3

  when a policy is cancelled before its expiry date, what is owed to the insured is

  回答

  (C)

  return premium
• 4

  The person named to recieve the life assurance proceeds after the date of the life assured is?

  回答

  (A)

  beneficiary
• 5

  A term insurance policy is cheap because?

  回答

  (A)

  there is no claim if the insured survives the period
• 6

  which of the following benefits will be covered under personal accident insurance

  回答

  (B)

  medical expenses
• 7

  An attachment to an insurance policy that modifies the policy is?

  回答

  (D)

  endorsement
• 8

  An event sufficiently related to a legally recognizable injury to be the cause of that injury is?

  回答

  (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

  回答

  (C)

  actuary
• 10

  A blanket policy in fidelity guarantee insurance is to cover

  回答

  (B)

  all staff that may handle cash
• 11

  A ''no claim discount'' will be granted under 

  回答

  (D)

  motor insurance
• 12

  To insure any property, the insured must have

  回答

  (A)

  insurable interest
• 13

  A motor policy that provides cover for the loss or damage of a vehicle used for farming purposes is

  回答

  (C)

  special type policy
• 14

  one of the difference between contract of life assurance and non life insurance is?

  回答

  (D)

  non-life is subject to compensation while life is not
• 15

  The duty of a loss assessor is to ensure

  回答

  (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?

  回答

  (D)

  money policy
• 17

  which of the following conditions must be met before and insurer is under obligation to pay claim

  回答

  (B)

  premium payment
• 18

  A risk classified is uninsurable when the

  回答

  (B)

  risk will occur no matter the precaution taken
• 19

  A profefessional charged with the responsibility of assessing loss in insurance

  回答

  (B)

  adjuster
• 20

  A clause that prevents the insurer from paying under a policy if the insured killed himself is?

  回答

  (D)

  suicide clause
• 21

  A component of an insurance policy document that introduces the parties to the contract is,

  回答

  (B)

  recital clause
• 22

  The responsibility of the institute of loss adjuster is to?

  回答

  (A)

  regulate the activities of its members
• 23

  The process of transfering a risk already taken by an insurer to other insurers is?

  回答

  (C)

  reinsurance
• 24

  In motor insurance, which of the following covers will take care of all parties that can be involded in an accident

  回答

  (A)

  comprehensive
• 25

  A class of insurance that covers policy holders for losses caused by fruadulent employees is?

  回答

  (C)

  fidelity guarantee policy
• 26

  Risk assumed by more than one insurance company and shared accordingly

  回答

  (A)

  co-insurance
• 27

  An insurance cover that protects experts from bearing the cost of negligence arising from their service?

  回答

  (C)

  professional indemnity insurance
• 28

  which of the following policies can be used as security for a loan.

  回答

  (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?

  回答

  (D)

  utmost good faith
• 30

  what is the effect of the damage by rioters as regards the claim. he will?

  回答

  (D)

  be paid in full
• 31

  what is the proximage cause of the damage to the car

  回答

  (C)

  riot
• 32

  surrender value is the amount payable if the insured

  回答

  (A)

  does not want to continue with the life policy
• 33

  business interruption claims will only be settled if it is caused by?

  回答

  (B)

  machinery breakdown
• 34

  which of the following is a subject matter of insurance in fire policy

  回答

  (A)

  building
• 35

  An insurer will recover claims paid wrongly to an insured if

  回答

  (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

  回答

  (B)

  insurable interest
• 37

  A guarantee issue by an insurance company to support their client who is applying for a contract is 

  回答

  (A)

  performance bond
• 38

  features of insurable risk include?

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

  回答

  (C)

  iii and iv
• 39

  A document used to alter the information contained in the schedule of a policy is?

  回答

  (B)

  endorsement
• 40

  Ex-gratia payment is made where there is

  回答

  (A)

  no legal liability obligation
• 41

  the sum assured is the value of the?

  回答

  (B)

  policy
• 42

  Hazard in insurance means?

  回答

  (A)

  a situation that posses a threat to life or property
• 43

  A life insurance contract will be affected by failure to disclose?

  回答

  (D)

  correct date of birth
• 44

  A document used to provide evidence of insurance if the policy document is not imediately available is

  回答

  (B)

  cover note
• 45

  To assess aviation risks, the underwriter would want to know the

  回答

  (C)

  age of the aircraft