by Sunday | Oct 17 | Insurance WAEC
A. with common interest make claims every year B. with common risk insure with the same company C. with common interest insure with a reinsurance company D. form a common association to help themselves Correct Answer: Option B B. with common risk insure with the same...
by Sunday | Oct 17 | Insurance WAEC
A. recital clause B. condition C. specification D. operative clause Correct Answer: Option D D. operative clause Explanation The operative clause of the policy is a promissory clause. It is a promise that the insurer undertakes to pay the benefits of the policy if the...
by Sunday | Oct 17 | Insurance WAEC
A. a lump sum is paid on maturity B. regular payments are made after maturity C. regular payments are made before maturity D. no payments are made until the death of the insured. Correct Answer: Option A Explanation An endowment policy is a life insurance contract...
by Sunday | Oct 17 | Insurance WAEC
A. indemnity B. subrogation C. benefit D. contribution Correct Answer: Option C C. benefit Explanation A life insurance policy is a contract with an insurance company. In exchange for premium payments, the insurance company provides a lump-sum payment, known as a...
by Sunday | Oct 17 | Insurance WAEC
A. agent B. broker C. consultant D. underwriter Correct Answer: Option B B. broker