(a)List seven contents of a certificate of insurance.
(b)State four characteristics of a cover note.
Explain the following terms under marine insurance:
(a) hull policy
(b) cargo policy
(c) freight policy
(d) marine perils
(e) average
(a)Define the term employer’s liability in insurance.
(b)State three benefits that can be covered under employer’s liability.
(c)State three causes of business interruption.
Explain the following terms as used in insurance.
(a) re-insurance
(b) Loss adjusters
(c) underwriters
(d) brokers
(e) assessor
- Outline three properties covered in fire insurance.
- Enumerate six special perils covered in fire insurance.
- Explain three covers provided under standard fire policy.
- (i) Explain ECOWAS Brown Card.
(ii) State two conditions under which ECOWAS Brown Card is issued
2. List and explain three types of policies available under motor insurance.
- Explain aviation insurance.
- List and explain three covers provided by aviation insurance.
- technical feasibility;
- economic feasibility.
(a) List six experts that would require professional indemnity insurance in their operations.
(b) Explain the cover provided by each of the following insurance ‘policies:
(i) personal liability
(ii) public liability
(ii) professional indemnity
(a) Who is a loss assessor?
(b) Explain three roles of a loss assessor.
(c) State foul-functions of the Chartered Insurance Institute of Nigeria.
(a) Outline three features of life assurance.
(b) State three benefits each of life assurance to the;
(i) individuals
(ii) government
(a) State three roles of National Insurance Commission.
(b) List and explain three methods of providing indemnity.
(a) Explain a fidelity guarantee insurance policy.
(b) List and explain the four types of policies in fidelity guarantee insurance.
(a) Explain the following concepts as used in insurance:
(i) subject matter of insurance
(ii) subject matter of contract.
(b) State when a policy holder is expected to prove his insurable interest in the following classes of insurance:
(i) Burglary insurance
(ii) Marine insurance
(iii) Life assurance.
Read the case below carefully and answer the questions which follow.
UNFAVOURABLE BUSINESS ENVIRONMENT
Garola Kubusa Limited is a Manufacturer of packaging products and has been in operation for several years. The manufacturing industry has been experiencing Challenges and setbacks in recent times, the packaging sector seems to be the worst hit. The operating environment had not been conducive in the areas of power supply, fluctuating value of currency and inconsistent government policies. The plastic packaging sub-sector in which Garola Kubusa operates is not left out in these problems. The company gets its raw materials some of which are polypropylene and wax from a petrochemical plant located in Port Harbey, Rivers State from where they are transported by the company’s trailers ‘and at times by hired vehicles to the factory site in Asaba, Delta State. The company has not had it smooth due to losses arising from damage to plant and machinery, competition, fire, explosion, pilfering of company’s finished products by the employees as well as embezzlement of funds. In severe cases, the company had to shut down for some months before repairs were carried out A good number of the company’s customers had absconded with huge debts yet to be paid and left for other companies who are Garola Kubusa’s competitors. The company is now considering various alternatives such as importation of raw materials, partly finished goods and finished products in order to restore customers’ confidence and meet their demands and tastes while contracting out some of their manufacturing operations as Well to other companies operating in the sector.
(a) Identify and explain four classes of insurance that could help Garola Kubusa Limited in its business operations.
(b) Should Garola Kubusa Limited take insurance cover against losses arising from competition? Give reason for your answer.
(c) If the company resort to importation of its raw materials and finished products; recommend and explain the appropriate insurance cover to take to that effect.
State five duties each of the following.
(a) insurance brokers
(b) insurance-agents
(c) Nigerian Insurers Association.
(a) Outline three types Of policy in motor insurance.
(b) List and explain three scopes of cover. in motor insurance.
(a) What is reinsurance?
(b) Explain four essential features of insurable interest.
(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.
(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.