Insurance

What is the term used for the amount payable to Mr. Thomas if he chooses to discontinue with the contract?

Mr. Thomas assured his life for the sum of N300,000.00 for a period of 20 years. The premium payable being…

5 years ago

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

Mr. Thomas assured his life for the sum of N300,000.00 for a period of 20 years. The premium payable being…

5 years ago

What is the sum assured for the policy?

Mr. Thomas assured his life for the sum of N300,000.00 for a period of 20 years. The premium payable being…

5 years ago

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

A. whole life policy B. annuity policy C. key-man policy D. endowment policy Correct Answer: Option A A. whole life…

5 years ago

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

A. group insurance B. business support C. fire insurance D. business interruption Correct Answer: Option D D. business interruption Explanation…

5 years ago

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

A. size of the airport B. financial capacity of the airline C. age of the aircraft D. staff strength of…

5 years ago

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

A. certificate B. cover note C. proposal form D. endorsement Correct Answer: Option B B. cover note Explanation A cover…

5 years ago

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

A. correct address B. status of assured C. place of work D. correct date of birth Correct Answer: Option D…

5 years ago

Hazard in insurance means?

A. a situation that poses a threat to life or property B. a situation where there is no agreement C.…

5 years ago

The sum assured is the value of the?

A. claim B. policy C. premium D. penalty Correct Answer: Option B B. policy Explanation An insurance claim is a…

5 years ago