by Sunday | Oct 16 | Insurance WAEC
A. vessel B. container C. consignment D. freight Correct Answer: Option C C. consignment Explanation Marine Cargo Insurance is a class of property insurance that insures property while in transit against loss or damage arising from perils associated with the...
by Sunday | Oct 16 | Insurance WAEC
Insurer XYZ is jointly covered for two lines of surplus treaty reinsurance by reinsurers I, J, K, and L for a retention limit of N120,000. The amount of cession for reinsurer K if all reinsurers share the risk equally with the sum insured of N360,000 is? A. N45,000 B....
by Sunday | Oct 16 | Insurance WAEC
A. benefit policies B. profit policies C. non-profit policies D. non-benefit policies Correct Answer: Option A A. benefit policies Explanation In non-indemnity insurance, the sum which the insured is entitled to receive from the insurer does not necessarily bear any...
by Sunday | Oct 16 | Insurance WAEC
(i) premium loading (ii) double insurance (iii) excess imposition A. I and II B. I and III C. II and III D. I,II and III Correct Answer: Option B B. I and III Explanation premium loading; The amount an insurer needs to cover its expenses and generate profit. Excess...
by Sunday | Oct 16 | Insurance WAEC
A. investigate the loss B. assess the risk C. present a claim D. appoint a loss assessor Correct Answer: Option B B. assess the risk Explanation Once you are injured in an accident, receiving compensation is more than just a simply filing a claim with the guilty...