Waec Insurance 2016 Past Questions and Answers

Question 51:

• WAEC 2016

(a) State three marine perils.
(b) List and explain three types of cover available under marine insurance.

Question 52:

• WAEC 2016

Explain the following terms as used in insurance business:
(a) Surrender value
(b) Days of grace
(c) Ex-gratia payment
(d) Endorsement
(e) Disclosure.

Question 53:

• WAEC 2016

(a) What is a "discharge voucher"?
(b) State three duties each of the following in insurance claims: (.i) insured; (ii) underwriter.

Question 54:

• WAEC 2016

(a) Explain the term "risk" in insurance.
(b) List and explain five features of insurance contracts.

Question 55:

• WAEC 2016

(a) What is endowment policy?
(b) Differentiate between the following terms:
(i) Third party and comprehensive motor insurance; (ii) • Death benefit and maturity benefit; (iii) Contracts of life and non-life insurance.