by Sunday | Oct 17 | Insurance WAEC
A. average clause is applied B. sum insured has been exhausted C. sum insured has not been exhausted D. payment is an ex gratia basis Correct Answer: Option A A. average clause is applied Explanation Average Clause: Is an insurance policy that restricts the amount...
by Sunday | Oct 17 | Insurance WAEC
A. a new policy B. an endorsement C. a specification D. a rectification Correct Answer: Option B B. an endorsement Explanation The purpose of an endorsement is a policy change. Insurance companies create endorsements to offer options to insureds to add coverage or...
by Sunday | Oct 17 | Insurance WAEC
A. extent of the cover granted B. right to cancel the insurance contract C. right to take possession of the damaged property D. existence of the subject matter of insurance Correct Answer: Option D D. existence of the subject matter of insurance Explanation Contract...
by Sunday | Oct 17 | Insurance WAEC
A. utmost good faith B. proximate cause C. insurable interest D. contribution Correct Answer: Option C C. insurable interest Explanation Insurable interest is an essential requirement for issuing an insurance policy that makes the entity or event legal, valid and...
by Sunday | Oct 17 | Insurance WAEC
A. natural premium B. level premium C. risk premium D. pure premium Correct Answer: Option A A. natural premium Explanation Loading the player… A risk premium is a return in excess of the risk-free rate of return investment is expected to yield; an asset’s...
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