Waec Insurance 2017 Past Questions and Answers

Question 16:

• WAEC 2017

The body that regulates the activities of insurance market in Nigeria

A. National Insurance Commission
B. Professional reinsurance association of nigeria
C. Nigeria insurers Association
D. Nigeria council of registered insurance brokers

Question 17:

• WAEC 2017

Life policies can be used as a collateral for loan when the policy has?

A. Ceased to be life
B. Been temporary suspended
C. Acquired surrender value
D. Been made paid-up

Question 18:

• WAEC 2017

The expert who uses statistics to develop the premium payable in a life contract is an

A. Adjuster
B. Actuary
C. Assesor
D. Agent

Question 19:

• WAEC 2017

The factor which increases the possibility of loss that emanates from the insured attitude is?

A. Physical hazard
B. Moral hazard
C. Uninsured peril
D. Excepted peril

Question 20:

• WAEC 2017

The insured who suffered a loss would be entitled to the amount of compensation payable for the loss under the principle of?

A. Insurable interest
B. Utmost good faith
C. Indemnity
D. Contribution