Insurance Past Questions

Study and practice Insurance past questions with answers and detailed explanations. Then test your knowledge using our interactive CBT practice platform and prepare confidently for your upcoming examinations.

143 questions JAMB 1 WAEC 143 CUSTOM 1
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Past Questions

143 questions
Question 1 of 20 143 total questions
Question 41
waec 2017

The period of insurance in non-life insurance contract is usually

Aone month
Bone year
Ctwo years
Dthree years
View Explanation & Discuss
Question 42
waec 2017

The price paid for the purchase of insurance policy is?

Apremium
Bclaim
Crenewal
Dbenefit
View Explanation & Discuss
Question 43
waec 2017

one of the feature of ''with profit whole life assurance'' is that profit is allocated to the policy?

Aas soon as the policy holder dies
Bup to the date of death of the policyholder
Cwhen the insurer decides to pay the policyholder
Das soon as the insured surrenders the policy
View Explanation & Discuss
Question 44
waec 2017

A primary function of insurance is the?

Acreation of a common pool
Bprovision of security
Cstimulation of business enterprises
Dloss prevention and control
View Explanation & Discuss
Question 45
waec 2017

The principle of utmost good faith allows the insured 

Ato accept all risks proposed for insurance
Bthe right to sue the insurer
Cto make claim from more than one insurer
Dto make a full disclosure of the proposed risk
View Explanation & Discuss
Question 46
waec 2017

The reason for issuing certificate of motor insurance is that , it is

Arequired by law for all motor policy holders
Ba general practice world wide
Ca support to policy document
Da replacement for the policy
View Explanation & Discuss
Question 47
waec 2017

information required in a proposal form for employer's liability is insurance include

Aage and health condition of the employees
Bthe number of employees and the annual wage roll of the proposer
Cnature and description of goods to be carried or dispatched
Dthe extent to which the vehicle of the proposer will be put to private use
View Explanation & Discuss
Question 48
waec 2017

which type of insurance product is appropriate for a young couple who is embarking on a holiday trip abroad?

Awhole life policy
Binvestment linked policy
Ceducation endowment policy
Dterm assurance policy
View Explanation & Discuss
Question 49
waec 2017

A method of providing indemnity under glass insurance policy is?

Acash payment
Brepairs
Creplacement
Dreinstatement
View Explanation & Discuss
Question 50
waec 2017

A functional reinsurance is that it

Aprotects the account of the insurer against large claims
Bdiscourage the spread of risk in the insurance market
Cprovides protection for uninsured losses
Dencourages the insured to make claims from more than one insurer
View Explanation & Discuss
Question 51
waec 2017

which of the following factors is not considered when calculating premium in life assurance policy

Aexpense
Bmortality
Cinterest
Dlosses
View Explanation & Discuss
Question 52
waec 2017

A life policy holder enjoy days of grace

Aat the inception of the policy
Bat the renewal time of the policy
Cwhen he surrenders the policy
Dwhen the policy is paid up
View Explanation & Discuss
Question 53
waec 2017

The right which an insurer has to stand in the place of the insured against a negligent party is?

Ainsurable interest
Bsubrogation
Cproximate cause
Dcontribution
View Explanation & Discuss
Question 54
waec 2016

what is the term used for the amount payable to mr. Thomas if he chooses to discontinue with the contract

Apremium return
Breinstatement return
Cterminal claim
Dsurrender value
View Explanation & Discuss
Question 55
waec 2016

what is the term for the period he will be allowed to reinstate the contract

Acooling off period
Brepayments
Cdays of grace
Dlays days
View Explanation & Discuss
Question 56
waec 2016

what is the sum assured for the policy

AN26,400
BN44,000
CN300,000
DN528,000
View Explanation & Discuss
Question 57
waec 2016

A life policy where the insured cannot make claim himself because the payment cannot be made in his life time is

Awhole life policy
Bannuity policy
Ckey-man policy
Dendowment policy
View Explanation & Discuss
Question 58
waec 2016

The policy taken to cover loss of income that a business suffers when its facilities are closed due to a disaster is

Agroup insurance
Bbusiness support
Cfire insurance
Dbusiness interruption
View Explanation & Discuss
Question 59
waec 2016

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

Asize of the airport
Bfinancial capacity of the airline
Cage of the aircraft
Dstaff strength of the airline
View Explanation & Discuss
Question 60
waec 2016

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

Acertificate
Bcover note
Cproposal form
Dendorsement
View Explanation & Discuss
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