Question 96:

• WAEC 2016

mr. Thomas assured his life for the sum of N300,000.00 for a period of 20 years. The premium payable being N2,200.00 monthly.due to loss of employment, thomas was not able to pay the premium in the last 3 months .


what is the term used for the amount payable to mr. Thomas if he chooses to discontinue with the contract

A. Premium return
B. Reinstatement return
C. Terminal claim
D. Surrender value

Question 97:

• WAEC 2016

A life policy where the insured cannot make claim himself because the payment cannot be made in his life time is

A. Whole life policy
B. Annuity policy
C. Key-man policy
D. Endowment policy

Question 98:

• WAEC 2016

The policy taken to cover loss of income that a business suffers when its facilities are closed due to a disaster is

A. Group insurance
B. Business support
C. Fire insurance
D. Business interruption

Question 99:

• WAEC 2016

To assess aviation risks, the underwriter would want to know the

A. Size of the airport
B. Financial capacity of the airline
C. Age of the aircraft
D. Staff strength of the airline

Question 100:

• WAEC 2016

A document used to provide evidence of insurance if the policy document is not imediately available is

A. Certificate
B. Cover note
C. Proposal form
D. Endorsement