Year :
2018
Title :
Insurance
Exam :
WASSCE/WAEC MAY/JUNE
Paper 1 | Objectives
31 - 40 of 48 Questions
| # | Question | Ans |
|---|---|---|
| 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 A. N5,000 B. N115,000 C. N120,000 D. N235,000 |
A |
| 32. |
The insurance professional who assist the third party to evaluate the extent of loss in a motor accident is A. a loss adjustor B. a loss assessor C. a consultant D. an investigator Detailed SolutionA Loss Assessor is appointed by the policyholder when they need to submit a substantial or complex claim. All fees are paid by the Policyholder. |
|
| 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? A. N20,000 B. N120,000 C. N80,000 D. N100,000 |
C |
| 34. |
A loss assessor in a claim settlement process is representing the interest of the? A. insured B. insurer C. reinsurer D. broker Detailed SolutionA Loss Assessor is appointed by the policyholder when they need to submit a substantial or complex claim. All fees are paid by the Policyholder.(insured) |
|
| 35. |
One of the perils of nature is? A. heating B. earthquake C. civil commotion D. spontaneous combustion Detailed SolutionNatural peril; This category includes such perils as injury and damage caused by natural elements such as rain, ice, snow, typhoon, hurricane, volcano, wave action, wind, earthquake, or flood. |
|
| 36. |
A condition which the insuring public would use to evaluate the financial stability of an insurer is? A. prompt payment of claims B. adequate reinsurance treaty C. allowance for ex-gratia payment D. settlement of investigated claims Detailed SolutionThe “Prompt Payment of Insurance Claims” imposes certain deadlines on insurers for responding to, investigating, and accepting or rejecting claims. The purpose is to “promote the prompt payment of insurance claims pursuant to policies of insurance.” The general public would use this to judge the insurance capability of owning up to reponsibilities |
|
| 37. |
A factor to be considered before a proposal for endowment assurance is accepted is the proposer's? A. marital status B. place of birth C. date of birth D. social status Detailed Solutionan endowment assurance policy is a life insurance contract that is designed to pay a lump sum after some specified period of time on death. However, if the policy term ends whilst you are in good health, the entire sum is given to you. The date of birth is a vital factor for this insurance contract |
|
| 38. |
Payment of compensation under professional indemnity insurance would be influenced by? A. assault B. trespass C. nuisance D. negligence Detailed SolutionProfessional Indemnity Insurance (PII) is a form of liability insurancethat helps protect professional advisers, service-providing individuals and companies from bearing the full cost of defending themselves against a negligence claim made by a client and damages awarded in such a civil lawsuit in the conduct their business |
|
| 39. |
Car plying the road seeking passengers for payment of fares are classified by insurers as? A. private motor B. commercial vehicle C. motor trade D. general cartage Detailed SolutionA commercial vehicle is any type of motor vehicle used for transporting goods or transporting paying passengers. |
|
|
Musa lent Obinna the sum of N2,000,000 i February 2015 which he promised to pay back at the end of the year. Musa decided to effect a life policy on Obinna for a sum of N20,000 |
||
| 40. |
The subject matter of insurance in the package is? A. obinna's life B. the N2,000,000 loan C. musa's life D. the sum assured of N20,000 |
A |
| 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 A. N5,000 B. N115,000 C. N120,000 D. N235,000 |
A |
| 32. |
The insurance professional who assist the third party to evaluate the extent of loss in a motor accident is A. a loss adjustor B. a loss assessor C. a consultant D. an investigator Detailed SolutionA Loss Assessor is appointed by the policyholder when they need to submit a substantial or complex claim. All fees are paid by the Policyholder. |
|
| 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? A. N20,000 B. N120,000 C. N80,000 D. N100,000 |
C |
| 34. |
A loss assessor in a claim settlement process is representing the interest of the? A. insured B. insurer C. reinsurer D. broker Detailed SolutionA Loss Assessor is appointed by the policyholder when they need to submit a substantial or complex claim. All fees are paid by the Policyholder.(insured) |
|
| 35. |
One of the perils of nature is? A. heating B. earthquake C. civil commotion D. spontaneous combustion Detailed SolutionNatural peril; This category includes such perils as injury and damage caused by natural elements such as rain, ice, snow, typhoon, hurricane, volcano, wave action, wind, earthquake, or flood. |
| 36. |
A condition which the insuring public would use to evaluate the financial stability of an insurer is? A. prompt payment of claims B. adequate reinsurance treaty C. allowance for ex-gratia payment D. settlement of investigated claims Detailed SolutionThe “Prompt Payment of Insurance Claims” imposes certain deadlines on insurers for responding to, investigating, and accepting or rejecting claims. The purpose is to “promote the prompt payment of insurance claims pursuant to policies of insurance.” The general public would use this to judge the insurance capability of owning up to reponsibilities |
|
| 37. |
A factor to be considered before a proposal for endowment assurance is accepted is the proposer's? A. marital status B. place of birth C. date of birth D. social status Detailed Solutionan endowment assurance policy is a life insurance contract that is designed to pay a lump sum after some specified period of time on death. However, if the policy term ends whilst you are in good health, the entire sum is given to you. The date of birth is a vital factor for this insurance contract |
|
| 38. |
Payment of compensation under professional indemnity insurance would be influenced by? A. assault B. trespass C. nuisance D. negligence Detailed SolutionProfessional Indemnity Insurance (PII) is a form of liability insurancethat helps protect professional advisers, service-providing individuals and companies from bearing the full cost of defending themselves against a negligence claim made by a client and damages awarded in such a civil lawsuit in the conduct their business |
|
| 39. |
Car plying the road seeking passengers for payment of fares are classified by insurers as? A. private motor B. commercial vehicle C. motor trade D. general cartage Detailed SolutionA commercial vehicle is any type of motor vehicle used for transporting goods or transporting paying passengers. |
|
|
Musa lent Obinna the sum of N2,000,000 i February 2015 which he promised to pay back at the end of the year. Musa decided to effect a life policy on Obinna for a sum of N20,000 |
||
| 40. |
The subject matter of insurance in the package is? A. obinna's life B. the N2,000,000 loan C. musa's life D. the sum assured of N20,000 |
A |