The principle of insurance that demands that the insured must stand to loss in the event of a loss before taking a policy is
- A. consideration
- B. insurable interest
- C. proximate cause
- D. subrogation
An insurer will recover claims paid wrongly to an insured if
- A. it was ex-gratia payment
- B. there was a mistake of law
- C. the premium had not been paid
- D. it was effected by court order
which of the following is a subject matter of insurance in fire policy
- A. building
- B. shares
- C. corporation
- D. money
business interruption claims will only be settled if it is caused by?
- A. permanent disability
- B. machinery breakdown
- C. sickness
- D. death
surrender value is the amount payable if the insured
- A. does not want to continue with the life policy
- B. does not want to continue with car insurance
- C. died when a policy is valid
- D. died when a policy is not valid
Mr Aderemi owns a car which was insured under comprehensive policy. while insuring the car, he did not inform the company that his wife who have no driving licence also drives the car. the wife while driving the car, came face to face with rioters who damaged the car.
what is the proximage cause of the damage to the car
- A. misrepresentation
- B. inexperienced driving
- C. riot
- D. reckless driving
Mr Aderemi owns a car which was insured under comprehensive policy. while insuring the car, he did not inform the company that his wife who have no driving licence also drives the car. the wife while driving the car, came face to face with rioters who damaged the car.
what is the effect of the damage by rioters as regards the claim. he will?
- A. not get anything
- B. be paid half
- C. get money from rioters
- D. be paid in full
Mr Aderemi owns a car which was insured under comprehensive policy. while insuring the car, he did not inform the company that his wife who have no driving licence also drives the car. the wife while driving the car, came face to face with rioters who damaged the car.
the insurance prinsiple that deals with mr adeyem’s failure to inform the insurer about his wife’s usage of the car is?
- A. negligence
- B. misrepresentation
- C. untrue statement
- D. utmost good faith
which of the following policies can be used as security for a loan.
- A. key-man policy
- B. endowment policy
- C. term insurance policy
- D. whole life insurance
An insurance cover that protects experts from bearing the cost of negligence arising from their service?
- A. fidelity guarantee insurance
- B. third party liability insurance
- C. professional indemnity insurance
- D. product liability insurance
Risk assumed by more than one insurance company and shared accordingly
- A. co-insurance
- B. joint insurance
- C. re-insurance
- D. group insurance
A class of insurance that covers policy holders for losses caused by fruadulent employees is?
- A. all risk policy
- B. key-man policy
- C. fidelity guarantee policy
- D. money insurance policy
In motor insurance, which of the following covers will take care of all parties that can be involded in an accident
- A. comprehensive
- B. Act only
- C. third party
- D. third party, fire and theft
The process of transfering a risk already taken by an insurer to other insurers is?
- A. assurance
- B. re-investment
- C. reinsurance
- D. insurance
The responsibility of the institute of loss adjuster is to?
- A. regulate the activities of its members
- B. settle disputes among insurance companies
- C. register all insurance practitioners
- D. act as intermediaries between government and its members
A component of an insurance policy document that introduces the parties to the contract is,
- A. exceptional clause
- B. recital clause
- C. particular clause
- D. operative clause
A clause that prevents the insurer from paying under a policy if the insured killed himself is?
- A. exceptional clause
- B. revival clause
- C. accidental clause
- D. suicide clause
A profefessional charged with the responsibility of assessing loss in insurance
- A. underwriter
- B. adjuster
- C. actuary
- D. broker
A risk classified is uninsurable when the
- A. extent of the loss can be calculated
- B. risk will occur no matter the precaution taken
- C. risk may not happen
- D. insurance company cannot pay
which of the following conditions must be met before and insurer is under obligation to pay claim
- A. loss notification
- B. premium payment
- C. completion of proposal form
- D. submission of policy paper to the insurer
which class of insurance would be required by a petrol filling station operator whose operation involve high financial transactions?
- A. burglary policy
- B. public liability policy
- C. goods-in-transit policy
- D. money policy