Waec Insurance Past Questions and Answers

Question 36:

• WAEC 2018

The use of gas burners for cutting and welding is considered in insurance contract as

A. A favourable morale hazard
B. A favourable physical hazard
C. An unfavourable morale hazard
D. An unfavourable physical hazard

Question 37:

• WAEC 2018

The method of paying premium in life insurance contract in which premium payable increases as age increases is?

A. Natural premium
B. Level premium
C. Risk premium
D. Pure premium

Question 38:

• WAEC 2018

The right to effect a contract of insurance on the life of a debtor by the creditor is?

A. Utmost good faith
B. Proximate cause
C. Insurable interest
D. Contribution

Question 39:

• WAEC 2018

Non-indemnity insurance policies are referred to as

A. Benefit policies
B. Profit policies
C. Non-profit policies
D. Non-benefit policies

Question 40:

• WAEC 2018

insurer XYZ is jointly covered for two lines surplus treaty reinsurance by reinsurers I,J,K and L for a retention limit of N120,000. The amount of cession for reinsurer K if all reinsurers share the risk equally with the sum insured of N360,000 is?

A. N45,000
B. N60,000
C. N90,000
D. N120,000