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Question 1 Insurance | WAEC/GCE (2018)
A
endorsement 
B
certificate 
C
proposal form 
D
cover note 
Explanation.
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cover note; A cover note is a temporary document issued by an insurance company that provides proof of insurance coverage until a final insurance policy can be issued.


Correct Option:
D
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Question 2 Insurance | WAEC/GCE (2018)
A
subject matter of insurance 
B
subject matter of the contract 
C
assignment of the contract 
D
deed of the contract 
Explanation.
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An assignment of contract occurs when one party to an existing contract (the "assignor") hands off the contract's obligations and benefits to another party (the "assignee"). Ideally, the assignorwants the assignee to step into his shoes and assume all of his contractual obligations and rights.


Correct Option:
C
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Question 3 Insurance | WAEC/GCE (2018)
A
double insurance 
B
reduction of cover 
C
absence of agreement 
D
financial distress 
Explanation.
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double insurance: Situation in which the same risk is insured by two overlapping but independent insurance policies. When an individual has double insurance, he or she has coverage by two different insurance companies upon the identical interest in the identical subject matter.

The general rule is that in the event of double insurance, if a loss is caused by the risk insured against, subject to the terms of each insurance policy, the insured may recover the full amount of his loss from whichever insurer or insurers he chooses.


Correct Option:
A
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Question 4 Insurance | WAEC/GCE (2018)
A
investigate the loss 
B
assess the risk 
C
present a claim 
D
appoint loss assessor 
Explanation.
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Once you are injured in an accident, receiving compensation is more than just a simply filing a claim with the guilty party’s insurance.

Most of the time, there will be negotiating involved with the insurance company along with an extensive investigation of your claims. After all of this, insurance companies may still low-ball your claim, and knowing how to proceed can be very important.


Correct Option:
B
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Question 5 Insurance | WAEC/GCE (2018)
A
I and II 
B
I and III 
C
II and III 
D
I,II and III 
Explanation.
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premium loading; The amount an insurer needs to cover its expenses and generate profit.

 Excess imposition - Your insurer may impose a non-standard excess, because of the number of claims you have had, or other factors which may mean you are more likely to make a claim.

 


Correct Option:
B
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Question 6 Insurance | WAEC/GCE (2018)
A
benefit policies 
B
profit policies 
C
non-profit policies 
D
non-benefit policies 
Explanation.
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In non-indemnity insurance the sum which the insured is entitled to receive from the insurer does not necessarily bear any relation to the actual loss, if any, suffered by the insured. Life insurance contracts, personal accident and sickness insurance are examples of non-indemnity insurance.

A benefit policy is the advantage, privilege, right, or financial reimbursement (such as that made under an insurance policy, medical plan, or pension plan).

for example life insurance is non-indemnity insurance.


Correct Option:
A
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Question 7 Insurance | WAEC/GCE (2018)
A
N45,000 
B
N60,000 
C
N90,000 
D
N120,000 
Explanation.
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No official Explanation yet!


Correct Option:
B
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Question 8 Insurance | WAEC/GCE (2018)
A
vessel 
B
container 
C
consignment 
D
freight 
Explanation.
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 marine cargo insurance is a class of property insurance that insures property while in transit against loss or damage arising from perils associated with the navigation of the sea or air and subsequent land and inland waterways. shippers can request cargo insurance to protect their goods from loss, damage, or theft while in transit.

consignment is a batch of goods destined for or delivered to someone.


Correct Option:
C
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Question 9 Insurance | WAEC/GCE (2018)
A
indeterminate premium payment 
B
limited premium payment 
C
single premium payment 
D
modified premium payment 
Explanation.
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limited premium payment plan is a plan where you paythe premium for a shorter span of time and enjoy the benefits of an insurance cover for a long time.


Correct Option:
B
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Question 10 Insurance | WAEC/GCE (2018)
A
provide a forum to improve insurance business 
B
prepare the insured's claims 
C
offer technical services in claim investigation 
D
adjust loss to suit the insured 
Explanation.
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The objectives of the Institute is to establish and sustain a professional body of practicing Loss Adjusters in Nigeria; to engage in activities that will ensure the general welfare and public well being of Insurance Loss Adjusters and to take necessary actions for the advancement of education in the field of loss adjusting in Nigeria. The objectives shall be pursued:

  • By establishing and maintaining institutions, libraries, schools, and recreation centres for the succour, assistance or education of its members, and the public in Nigeria in Loss Adjusting.
  • By applying the Funds of the Institute in the purchase of proprietary or other interests and the establishment of projects the proceeds of which shall be appropriated wholly and entirely for charitable purposes and public well being of Loss Adjusters in Nigeria.

Correct Option:
C
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