Insurance JAMB, WAEC, NECO AND NABTEB Official Past Questions

(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. 
 

(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. 

(a) Explain the term “risk” in insurance.

(b) List and explain five features of insurance contracts. 

(a) What is a “discharge voucher”?

(b) State three duties each of the following in insurance claims: (.i) insured; (ii) underwriter.

Explain the following terms as used in insurance business:

(a) Surrender value

(b) Days of grace

 (c) Ex-gratia payment

 (d) Endorsement

(e) Disclosure.
 

(a) State three marine perils.

(b) List and explain three types of cover available under marine insurance. 
 

PETER CITUKWU’S MOTOR INSURANCE CLAIM Mr. Peter Chukwu owns a Peugeot 406 saloon car which he insured for a value of #2,000,000.00 with Integrity Insurance Plc on comprehensive basis. He uses this vehicle for social, domestic, pleasure purposes and in connection with his business but not for hire and reward. One day, as he was going to the beach with his two children, Emeka and Pauline, he got involved in an accident with another car, a Honda Accord belonging to Mr. Bayo Samuel. Mr. Bayo Samuel was descending a hill at a high speed and consequently hit the back side of Mr. Peter Chukwu’s cat damaging the rear bumper, two rear lights and the booth. An argument ensued between Mr. Peter Chukwu and Mr. Bayo Samuel as to how to settle the issue. It was however discovered that Mr. Bayo Samuel had a third party motor insurance cover with Adequate Insurance Company Limited. The accident was reported to Integrity Insurance Plc by Mr. Peter Chukwu who subsequently submitted estimate of repairs, in the sum of two hundred and fifth thousand naira (N250,000.00). The insurer of Mr. Peter Chukwu admitted liability and paid the sum of one hundred and eighty thousand naira (#180,000.00) after adjustment and wrote to Adequate Insurance Company Limited for recovery of its outlay. Mr. Peter Chukwu took delivery of the damaged bumper and rear lights from his mechanic after fixing his car and took them home with the intention of repairing them for sale.

Required:

(a) Identify the principle involved in the case and why?

(b) Explain the principle identified.

(c) Who should take the delivery of the damaged parts of the Peugeot 406 car?

(d) Explain two covers available under the insurance policy held by Mr. Peter Chukwu 
 

what is the term used for the amount payable to mr. Thomas if he chooses to discontinue with the contract

what is the term for the period he will be allowed to reinstate the contract

what is the sum assured for the policy

A life policy where the insured cannot make claim himself because the payment cannot be made in his life time is

The policy taken to cover loss of income that a business suffers when its facilities are closed due to a disaster is

To assess aviation risks, the underwriter would want to know the

A document used to provide evidence of insurance if the policy document is not imediately available is

A life insurance contract will be affected by failure to disclose?

Hazard in insurance means?

the sum assured is the value of the?

Ex-gratia payment is made where there is

A document used to alter the information contained in the schedule of a policy is?

features of insurable risk include?

(i) fortuity (ii) insurer (iii) utmost good faith (iv) financial value

A guarantee issue by an insurance company to support their client who is applying for a contract is