Waec Insurance Past Questions and Answers

Question 161:

• WAEC 2017

(a) Explain two factors that could reduce the amount of indemnity under an insurance-contract.
(b) A property owned by bal Ltd was covered by three insurers, A, B and C for the Sum of N150,000, N120,000 and N90,000 respectively. The insured suffered a loss of N60,000. Calculate the liability of each insurer.

Question 162:

• WAEC 2017

(a)(i) What is a proposal form?
(ii) List four general questions that are contained in a proposal form.
(b) List and explain three documents used in effecting insurance contracts.

Question 163:

• WAEC 2017

(a) What is reinsurance?
(b) Explain four essential features of insurable interest.

Question 164:

• WAEC 2017

(a) Outline three types Of policy in motor insurance.
(b) List and explain three scopes of cover. in motor insurance.

Question 165:

• WAEC 2017

State five duties each of the following.
(a) insurance brokers
(b) insurance-agents
(c) Nigerian Insurers Association.