Waec Insurance 2016 Past Questions and Answers

Question 46:

• WAEC 2016

The body charged with the responsibility to promote and uphold universally accepted standards in insurance business

A. Nigeria council of registered insurance brokers
B. Chartered insurance institute of Nigeria
C. National insurers association
D. Nigeria insurance commission

Question 47:

• WAEC 2016

when a policy is cancelled before its expiry date, what is owed to the insured is

A. Earned premium
B. Unearned premium
C. Return premium
D. Unpaid premium

Question 48:

• WAEC 2016

The person named to recieve the life assurance proceeds after the date of the life assured is?

A. Beneficiary
B. Receiver
C. Administrator
D. Next of kin

Question 49:

• WAEC 2016

A term insurance policy is cheap because?

A. There is no claim if the insured survives the period
B. The claim is small and easy to pay
C. There is claim if the insured survives the period
D. There is no payment due to the insured

Question 50:

• WAEC 2016

PETER CITUKWU'S MOTOR INSURANCE CLAIM Mr. Peter Chukwu owns a Peugeot 406 saloon car which he insured for a value of #2,000,000.00 with Integrity Insurance Plc on comprehensive basis. He uses this vehicle for social, domestic, pleasure purposes and in connection with his business but not for hire and reward. One day, as he was going to the beach with his two children, Emeka and Pauline, he got involved in an accident with another car, a Honda Accord belonging to Mr. Bayo Samuel. Mr. Bayo Samuel was descending a hill at a high speed and consequently hit the back side of Mr. Peter Chukwu's cat damaging the rear bumper, two rear lights and the booth. An argument ensued between Mr. Peter Chukwu and Mr. Bayo Samuel as to how to settle the issue. It was however discovered that Mr. Bayo Samuel had a third party motor insurance cover with Adequate Insurance Company Limited. The accident was reported to Integrity Insurance Plc by Mr. Peter Chukwu who subsequently submitted estimate of repairs, in the sum of two hundred and fifth thousand naira (N250,000.00). The insurer of Mr. Peter Chukwu admitted liability and paid the sum of one hundred and eighty thousand naira (#180,000.00) after adjustment and wrote to Adequate Insurance Company Limited for recovery of its outlay. Mr. Peter Chukwu took delivery of the damaged bumper and rear lights from his mechanic after fixing his car and took them home with the intention of repairing them for sale.

Required:
(a) Identify the principle involved in the case and why?
(b) Explain the principle identified.
(c) Who should take the delivery of the damaged parts of the Peugeot 406 car?
(d) Explain two covers available under the insurance policy held by Mr. Peter Chukwu