Waec Insurance Past Questions and Answers

Question 156:

• WAEC 2016

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

Question 157:

• 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.

Question 158:

• WAEC 2016

(a) Differentiate between whole life and endowment assurance.
(b) State five uses of life assurance.
(c) List and explain two benefits covered under life assurance.

Question 159:

• WAEC 2017

MADAM SCHOLASTICA'S HAIR SALON Madam Scholastica owns a big salon in centre of Lagos with fifty hair driers and two motorized: generators in a large premise. She had in her employment, sixty staff out of which forty five are professional stylists, five cashiers and ten support staff. The company makes a lot of money from high class members of the society who are prepared to pay heavily for their services at their convenience, even in their offices or homes. The company has comprehensive insurance cover. on 'all their four vehicles. It also has Employer's Liability Insurance which it Continues to renew for the past five years without making claims. The policies were taken from different companies. Recently, a chemical was bought for washing hair which caused damage to .many customers' hair, this.led to the payment of compensation to, some customers while others deserted the salon. The director had been advised to obtain other insurance policies to cover their liabilities to customers and third parties but did *not do anything about it. In the last two weeks of operation, four staff had accident with the Company's car while returning from home service to a customer. Twb of them were seriously injured. A cashier disappeared, with a sum of N21-00;000 cash withdrawn from the company'S bank account.

(a)Under what policy will the injured employees be compensated?
(b) State and explain two policies that the director should have taken to cover their liabilities to customers and third parties.
(c) What other insurance policies would the company take in future to cover the cashiers that handle cash?
(d) Explain two other insurance products that will be useful to the company.

Question 160:

• WAEC 2017

(a) Explain the following terms used in insurance.
(i) peril
(ii) hazard.
(iii) disclosure.
(b) Differentiate . between the following classes of risks: (i) pure and speculative risks; particular and fundamental risks; (iii) static and dynamic risks.