Insurance Past Questions

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50 questions JAMB 1 WAEC 143 CUSTOM 1
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Past Questions

50 questions
Question 1 of 20 50 total questions
Question 1
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 2
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 3
waec 2016

what is the sum assured for the policy

AN26,400
BN44,000
CN300,000
DN528,000
View Explanation & Discuss
Question 4
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 5
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 6
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 7
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
Question 8
waec 2016

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

Acorrect address
Bstatus of assured
Cplace of work
Dcorrect date of birth
View Explanation & Discuss
Question 9
waec 2016

Hazard in insurance means?

Aa situation that posses a threat to life or property
Ba situation where there is no agreement
Cevent that cannot legally be insured
Devent that has been insured in the past
View Explanation & Discuss
Question 10
waec 2016

the sum assured is the value of the?

Aclaim
Bpolicy
Cpremium
Dpenalty
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Question 11
waec 2016

Ex-gratia payment is made where there is

Ano legal liability obligation
Blegal liability obligation
Cneed to refund a premium
Ddelay in payment of compensation
View Explanation & Discuss
Question 12
waec 2016

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

Aslip
Bendorsement
Ccover note
Dpolicy form
View Explanation & Discuss
Question 13
waec 2016

features of insurable risk include?

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

AI and ii only
Bii and iii
Ciii and iv
DI and iv only
View Explanation & Discuss
Question 14
waec 2016

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

Aperformance bond
Bbid bond
Cretention bond
Dadvance payment bond
View Explanation & Discuss
Question 15
waec 2016

The principle of insurance that demands that the insured must stand to loss in the event of a loss before taking a policy is

Aconsideration
Binsurable interest
Cproximate cause
Dsubrogation
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Question 16
waec 2016

An insurer will recover claims paid wrongly to an insured if

Ait was ex-gratia payment
Bthere was a mistake of law
Cthe premium had not been paid
Dit was effected by court order
View Explanation & Discuss
Question 17
waec 2016

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

Abuilding
Bshares
Ccorporation
Dmoney
View Explanation & Discuss
Question 18
waec 2016

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

Apermanent disability
Bmachinery breakdown
Csickness
Ddeath
View Explanation & Discuss
Question 19
waec 2016

surrender value is the amount payable if the insured

Adoes not want to continue with the life policy
Bdoes not want to continue with car insurance
Cdied when a policy is valid
Ddied when a policy is not valid
View Explanation & Discuss
Question 20
waec 2016

what is the proximage cause of the damage to the car

Amisrepresentation
Binexperienced driving
Criot
Dreckless driving
View Explanation & Discuss
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