Question 76:

• WAEC 2017

In an endowment policy, benefits are paid at death or

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 is made until the death of the insured.

Question 77:

• WAEC 2017

The part of the policy that describes the event that could lead to loss in an insurance contract is

A. Recital clause
B. Condition
C. Specification
D. Operative clause

Question 78:

• WAEC 2017

Insurance is defined as pooling of risk because many people

A. With common interest make claims every year
B. With common risk insure with the same company
C. With common interest insure with reinsurance company
D. Form common association to help themselves

Question 79:

• WAEC 2017

one of the feature of ''with profit whole life assurance'' is that profit is allocated to the policy?

A. As soon as the policy holder dies
B. Up to the date of death of the policyholder
C. When the insurer decides to pay the policyholder
D. As soon as the insured surrenders the policy

Question 80:

• WAEC 2017

The price paid for the purchase of insurance policy is?

A. Premium
B. Claim
C. Renewal
D. Benefit