by Sunday | Oct 17 | Insurance WAEC
A. insurable interest B. utmost good faith C. indemnity D. contribution Correct Answer: Option C C. indemnity Explanation An indemnity is a comprehensive form of insurance compensation for damages or loss and, in the legal sense, it may also refer to an exemption from...
by Sunday | Oct 17 | Insurance WAEC
A. adjuster B. actuary C. assessor D. agent Correct Answer: Option B B. actuary Explanation An actuary is a business professional who deals with the measurement and management of risk and uncertainty
by Sunday | Oct 17 | Insurance WAEC
A. physical hazard B. moral hazard C. uninsured peril D. excepted peril Correct Answer: Option B B. moral hazard Explanation Moral hazard occurs when someone increases their exposure to risk when insured, especially when a person takes more risks because someone else...
by Sunday | Oct 17 | Insurance WAEC
A. ceased to be life B. been temporarily suspended C. acquired a surrender value D. has been made paid-up Correct Answer: Option C Explanation A collateral assignment of life insurance is a conditional assignment appointing a lender as the primary beneficiary of a...
by Sunday | Oct 17 | Insurance WAEC
A. National Insurance Commission B. professional reinsurance Association of Nigeria C. Nigeria insurers Association D. Nigeria council of registered insurance brokers Correct Answer: Option A A. National Insurance Commission Explanation The National Insurance...