by Sunday | Oct 17 | Insurance WAEC
A. exceptional clause B. revival clause C. accidental clause D. suicide clause Correct Answer: Option D D. suicide clause Explanation The “suicide clause.” Usually, this clause states that no death benefit will be paid if the insured commits suicide within two years...
by Sunday | Oct 17 | Insurance WAEC
A. underwriter B. adjuster C. actuary D. broker Correct Answer: Option B B. adjuster Explanation A loss adjuster is an insurance agent who assesses the amount of compensation that should be paid after a person has claimed on their insurance...
by Sunday | Oct 17 | Insurance WAEC
A. extent of the loss can be calculated B. risk will occur no matter the precaution taken C. risk may not happen D. insurance company cannot pay Correct Answer: Option B B. risk will occur no matter the precaution taken Explanation Uninsurable risk is a condition that...
by Sunday | Oct 17 | Insurance WAEC
A. loss notification B. premium payment C. completion of the proposal form D. submission of policy paper to the insurer Correct Answer: Option B C. completion of the proposal form Explanation In insurance, the insurance policy is a contract between the insurer and the...
by Sunday | Oct 17 | Insurance WAEC
A. burglary policy B. public liability policy C. goods-in-transit policy D. money policy Correct Answer: Option D D. money policy Explanation Money insurance policy provides cover for loss of money in transit between the insured’s premises, bank and other specified...
by Sunday | Oct 17 | Insurance WAEC
A. adequate compensation to the insured B. payment of premium to the insurer C. that risk manager identifies the risk properly D. that insurance broker collects a commission Correct Answer: Option A A. adequate compensation to the insured Explanation A Loss Assessor...
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