by Sunday | Oct 17 | Insurance WAEC
A. no legal liability obligation B. legal liability obligation C. need to refund a premium D. delay in payment of compensation Correct Answer: Option A A. no legal liability obligation Explanation Ex gratia payment: A sum of money paid when there was no obligation or...
by Sunday | Oct 17 | Insurance WAEC
A. slip B. endorsement C. cover note D. policy form Correct Answer: Option B B. endorsement Explanation An insurance endorsement is an amendment or addition to an existing insurance contract that changes the terms or scope of the original policy. Endorsements may also...
by Sunday | Oct 17 | Insurance WAEC
(i) fortuity (ii) insurer (iii) utmost good faith (iv) financial value A. I and ii only B. ii and iii C. iii and iv D. I and iv only Correct Answer: Option C C. iii and iv
by Sunday | Oct 17 | Insurance WAEC
A. performance bond B. bid bond C. retention bond D. advance payment bond Correct Answer: Option A A. performance bond Explanation Performance bond: Is a bond issued by a bank or other financial institution, guaranteeing the fulfillment of a particular...
by Sunday | Oct 17 | Insurance WAEC
A. consideration B. insurable interest C. proximate cause D. subrogation Correct Answer: Option B B. insurable interest Explanation Insurable interest is defined as the reasonable concern of a person to obtain insurance for any individual or property against...
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