by Sunday | Oct 17 | Insurance WAEC
A. subrogation B. indemnity C. insurable interest D. utmost good faith Correct Answer: Option D D. utmost good faith Explanation Utmost good faith is a common law principle (sometimes called Uberrimae Fidei). The principle means that every person who enters into a...
by Sunday | Oct 17 | Insurance WAEC
A. replacement of earnings after injuries B. provision for bad debts C. collateral for loans D. repair cost of damaged properties Correct Answer: Option A A. replacement of earnings after injuries Explanation Life insurance provides an infusion of cash for dealing...
by Sunday | Oct 17 | Insurance WAEC
A. constructive total loss basis B. partial loss basis C. advice of loss basis D. ex-gratia basis Correct Answer: Option D Explanation Ex gratia (/ˌɛks ˈɡreɪʃiə/; also spelled ex-gratia) is Latin for “by favour”, and is most often used in a legal context....
by Sunday | Oct 17 | Insurance WAEC
A. personal liability insurance B. public liability insurance C. professional indemnity insurance D. employers liability insurance Correct Answer: Option B B. public liability insurance Explanation Public Liability Insurance: Insurance that covers the insured in the...
by Sunday | Oct 17 | Insurance WAEC
A. ”Act” only B. third party only C. fire and theft D. comprehensive insurance Correct Answer: Option B B. third party only Explanation The minimum amount of auto insurance in Nigeria that motorists must carry is third party motor insurance. Know the...
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