Waec Insurance Past Questions and Answers

Question 46:

• WAEC 2018

full return of premium paid for a contract of insurance is applicable in a situation involving?

A. Double insurance
B. Reduction of cover
C. Absence of agreement
D. Financial distress

Question 47:

• WAEC 2018

A risk considered as sub standard in future can be dealt with by insurers through
(i) premium loading (ii) double insurance (iii) excess imposition

A. I and II
B. I and III
C. II and III
D. I,II and III

Question 48:

• WAEC 2018

one of the steps taken by an insurer in claim settlement is to?

A. Investigate the loss
B. Assess the risk
C. Present a claim
D. Appoint loss assessor

Question 49:

• WAEC 2017

Eke bought a new car for N1.5M. The practice in the insurance idustry is to pay 10% of the value of the vehicle as premium for comprehensive cover and 2.5% additional cover for strike, riot and civil commotion. Eke was issued a document and two weeks later, he was issued another document different from the first document issued


What is the premium payable for the comprehensive cover

A. N37,000
B. N150,000
C. N155,000
D. N187,500

Question 50:

• WAEC 2017

Eke bought a new car for N1.5M. The practice in the insurance idustry is to pay 10% of the value of the vehicle as premium for comprehensive cover and 2.5% additional cover for strike, riot and civil commotion. Eke was issued a document and two weeks later, he was issued another document different from the first document issued


The document issued to Eke within one week of the contract is

A. Cover note
B. Proposal form
C. Satisfaction note
D. Renewal notice