Waec Insurance 2016 Past Questions and Answers

Question 21:

• WAEC 2016

Risk assumed by more than one insurance company and shared accordingly

A. Co-insurance
B. Joint insurance
C. Re-insurance
D. Group insurance

Question 22:

• WAEC 2016

An insurance cover that protects experts from bearing the cost of negligence arising from their service?

A. Fidelity guarantee insurance
B. Third party liability insurance
C. Professional indemnity insurance
D. Product liability insurance

Question 23:

• WAEC 2016

which of the following policies can be used as security for a loan.

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

Question 24:

• 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.


the insurance prinsiple that deals with mr adeyem's failure to inform the insurer about his wife's usage of the car is?

A. Negligence
B. Misrepresentation
C. Untrue statement
D. Utmost good faith

Question 25:

• 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 effect of the damage by rioters as regards the claim. he will?

A. Not get anything
B. Be paid half
C. Get money from rioters
D. Be paid in full