Question 106:

• WAEC 2016

features of insurable risk include?
(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

Question 107:

• WAEC 2016

A document used to alter the information contained in the schedule of a policy is?

A. Slip
B. Endorsement
C. Cover note
D. Policy form

Question 108:

• WAEC 2016

Ex-gratia payment is made where there is

A. No legal liability obligation
B. Legal liability obligation
C. Need to refund a premium
D. Delay in payment of compensation

Question 109:

• WAEC 2016

Mr Aderemi owns a car which was insured under comprehensive policy. while insuring the car, he did not inform the company that his wife who have no driving licence also drives the car. the wife while driving the car, came face to face with rioters who damaged the car.


what is the proximage cause of the damage to the car

A. Misrepresentation
B. Inexperienced driving
C. Riot
D. Reckless driving

Question 110:

• WAEC 2016

surrender value is the amount payable if the insured

A. Does not want to continue with the life policy
B. Does not want to continue with car insurance
C. Died when a policy is valid
D. Died when a policy is not valid