Waec Insurance 2016 Past Questions and Answers

Question 11:

• WAEC 2016

The principle of insurance that demands that the insured must stand to loss in the event of a loss before taking a policy is

A. Consideration
B. Insurable interest
C. Proximate cause
D. Subrogation

Question 12:

• WAEC 2016

A guarantee issue by an insurance company to support their client who is applying for a contract is

A. Performance bond
B. Bid bond
C. Retention bond
D. Advance payment bond

Question 13:

• 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 14:

• 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 15:

• 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