A life policy that pays the sum assured if the policy holder dies anytime within the policy period is
- A. term assurance
- B. pure endowment
- C. whole life insurance
- D. personal accident insurance
The insured who suffered a loss would be entitled to the amount of compensation payable for the loss under the principle of?
- A. insurable interest
- B. utmost good faith
- C. indemnity
- D. contribution
The expert who uses statistics to develop the premium payable in a life contract is an
- A. adjuster
- B. actuary
- C. assesor
- D. agent
The factor which increases the possibility of loss that emanates from the insured attitude is?
- A. physical hazard
- B. moral hazard
- C. uninsured peril
- D. excepted peril
Life policies can be used as a collateral for loan when the policy has?
- A. ceased to be life
- B. been temporary suspended
- C. acquired surrender value
- D. been made paid-up
The body that regulates the activities of insurance market in Nigeria
- A. National Insurance Commission
- B. professional reinsurance association of nigeria
- C. Nigeria insurers Association
- D. Nigeria council of registered insurance brokers
The person that buys a life insurance policy is an
- A. actuary
- B. assured
- C. assesor
- D. agent
How many days are allowed in life insurance as days of grace
- A. 25 days
- B. 30 days
- C. 35 days
- D. 60
The class of insurance that does not require a certificate is?
- A. motor insurance
- B. marine insurance
- C. fire insurance
- D. aviation insurance
The document that is legally required to be issued by insurers in respect of compulsory insurance is
- A. cover note
- B. endorsement
- C. certificate
- D. renewal note
The policy of insurance is signed by the?
- A. representative of the insured
- B. representative of the insurer
- C. insurance broker
- D. insurance consultant
Insurance is defined as pooling of risk because many people
- A. with common interest make claims every year
- B. with common risk insure with the same company
- C. with common interest insure with reinsurance company
- D. form common association to help themselves
The part of the policy that describes the event that could lead to loss in an insurance contract is
- A. recital clause
- B. condition
- C. specification
- D. operative clause
In an endowment policy, benefits are paid at death or
- A. a lump sum is paid on maturity
- B. regular payments are made after maturity
- C. regular payments are made before maturity
- D. no payments is made until the death of the insured.
life insurance is a contract of?
- A. indemnity
- B. subrogation
- C. benefit
- D. contribution
An insurance intermediary that is professionally liable for acts of negligence in the discharge of his duties to his client is an insurance
- A. agent
- B. broker
- C. consultant
- D. underwriter
Term insurance benefits are payable
- A. maturity
- B. at surrender
- C. at death
- D. before maturity
The demand for payment made by the insured to the insurer following occurence of the event insured against is
- A. consideration
- B. gratification
- C. commission
- D. claim
The period of insurance in non-life insurance contract is usually
- A. one month
- B. one year
- C. two years
- D. three years
The price paid for the purchase of insurance policy is?
- A. premium
- B. claim
- C. renewal
- D. benefit
one of the feature of ”with profit whole life assurance” is that profit is allocated to the policy?
- A. as soon as the policy holder dies
- B. up to the date of death of the policyholder
- C. when the insurer decides to pay the policyholder
- D. as soon as the insured surrenders the policy