by Sunday | Oct 17 | Insurance WAEC
(i) fortuity (ii) insurer (iii) utmost good faith (iv) financial value A. I and ii only B. ii and iii C. iii and iv D. I and iv only Correct Answer: Option C C. iii and iv
by Sunday | Oct 17 | Insurance WAEC
A. performance bond B. bid bond C. retention bond D. advance payment bond Correct Answer: Option A A. performance bond Explanation Performance bond: Is a bond issued by a bank or other financial institution, guaranteeing the fulfillment of a particular...
by Sunday | Oct 17 | Insurance WAEC
A. consideration B. insurable interest C. proximate cause D. subrogation Correct Answer: Option B B. insurable interest Explanation Insurable interest is defined as the reasonable concern of a person to obtain insurance for any individual or property against...
by Sunday | Oct 17 | Insurance WAEC
A. it was ex-gratia payment B. there was a mistake of law C. the premium had not been paid D. it was effected by court order Correct Answer: Option C C. the premium had not been paid
by Sunday | Oct 17 | Insurance WAEC
A. building B. shares C. corporation D. money Correct Answer: Option A A. building Explanation The subject matter of insurance is the life, limbs, property, rights or any potential legal liability insured under a policy. in a fire policy, a building is a subject...
by Sunday | Oct 17 | Insurance WAEC
A. permanent disability B. machinery breakdown C. sickness D. death Correct Answer: Option B B. machinery breakdown Explanation Business interruption insurance (also known as business income insurance) is a type of insurance that covers the loss of income that a...
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