Insurance, 2018, WASSCE/WAEC MAY/JUNE, Exam, Paper 1 | Objectives

Paper Info

Year :

2018

Title :

Insurance

Exam :

WASSCE/WAEC MAY/JUNE

Paper 1 | Objectives

41 - 48 of 48 Questions

#	Question	Ans
	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
41.	The peril insured against by musa is A. the loan B. death C. bad debt D. disability	B
42.	One of the duties of a loss adjustor is A. advice the claimant on claims processing B. ensure prompt payment of claims C. estimate maximum loss D. investigate the cause of loss Show Content Detailed Solution Loss Adjusters, also known as claims adjusters, work for insurance companies and examine property damage to determine how much an insurance company should compensate the claimant.	C
43.	family income benefit effected without capital benefit pays the sum assured from the date of? A. death of the assured till a specified period B. survival of the assured till a specified period C. survival of the assured till a specified period D. personal accident insurance	B
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 A. fire insurance B. all risk insurance C. product liability insurance D. consequential loss insurance Show Content Detailed Solution What is 'Consequential Loss'. A consequential loss is an indirect loss resulting from an insured's inability to use business property or equipment. A business owner may purchase insurance to protect them against the secondary loss of property and equipment due to a natural disaster or accident.	D
45.	An insurance that could be effected with profit feauture is A. term insurance B. public liability insurance C. endowment assurance D. personal accident insurance Show Content Detailed Solution An endowment policy is a life insurance contract designed to pay a lump sum after a specific term (on its 'maturity') or on death. Typical maturities are ten, fifteen or twenty years up to a certain age limit. Some policies also pay out in the case of critical illness.	C
	Use the following information to answer the question below. Basanya's vehicle was hit at the rear by Jaguna's vehicle. The two vehicles had a minimum cover. Estimate of repairs were as follows; Basanya's vehicle - N155,000; Jaguna's vehicle- N75,000
46.	The effect of the minimum cover on the two vehicles is the the? A. two vehicles will be repaired by jaguna's insurer B. insurer of each vehicle is responsible for the repairs C. vehicle of Basanya will be repaired by jaguna's insurer D. two vehicles are not entitled to compensation from the insurer	C
47.	The compensation would be calculated as A. N75,000 payable to jaguna B. N80,000 payable to jaguna C. N155,000 payable to basanya D. N230,000 payable to basanya	A
48.	Jaguna's repaired expenses of N75,000 would be paid by A. jaguna's insurer B. jaguna C. Basanya's insurer D. Basanya	A

	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
41.	The peril insured against by musa is A. the loan B. death C. bad debt D. disability	B
42.	One of the duties of a loss adjustor is A. advice the claimant on claims processing B. ensure prompt payment of claims C. estimate maximum loss D. investigate the cause of loss Show Content Detailed Solution Loss Adjusters, also known as claims adjusters, work for insurance companies and examine property damage to determine how much an insurance company should compensate the claimant.	C
43.	family income benefit effected without capital benefit pays the sum assured from the date of? A. death of the assured till a specified period B. survival of the assured till a specified period C. survival of the assured till a specified period D. personal accident insurance	B
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 A. fire insurance B. all risk insurance C. product liability insurance D. consequential loss insurance Show Content Detailed Solution What is 'Consequential Loss'. A consequential loss is an indirect loss resulting from an insured's inability to use business property or equipment. A business owner may purchase insurance to protect them against the secondary loss of property and equipment due to a natural disaster or accident.	D

45.	An insurance that could be effected with profit feauture is A. term insurance B. public liability insurance C. endowment assurance D. personal accident insurance Show Content Detailed Solution An endowment policy is a life insurance contract designed to pay a lump sum after a specific term (on its 'maturity') or on death. Typical maturities are ten, fifteen or twenty years up to a certain age limit. Some policies also pay out in the case of critical illness.	C
	Use the following information to answer the question below. Basanya's vehicle was hit at the rear by Jaguna's vehicle. The two vehicles had a minimum cover. Estimate of repairs were as follows; Basanya's vehicle - N155,000; Jaguna's vehicle- N75,000
46.	The effect of the minimum cover on the two vehicles is the the? A. two vehicles will be repaired by jaguna's insurer B. insurer of each vehicle is responsible for the repairs C. vehicle of Basanya will be repaired by jaguna's insurer D. two vehicles are not entitled to compensation from the insurer	C
47.	The compensation would be calculated as A. N75,000 payable to jaguna B. N80,000 payable to jaguna C. N155,000 payable to basanya D. N230,000 payable to basanya	A
48.	Jaguna's repaired expenses of N75,000 would be paid by A. jaguna's insurer B. jaguna C. Basanya's insurer D. Basanya	A