(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.
jaguna’s repaired expenses of N75,000 would be paid by
- A. jaguna's insurer
- B. jaguna
- C. Basanya's insurer
- D. Basanya
use the following information to answer the question below.
Basanya’s vehicle was hit at the rear by jaguna’s vehicle. The two vehicles had a minimum cover. estimate of repairs were as follows;
Basanya’s vehicle – N155,000; jaguna’s vehicle- N75,000
The compensation would be calculated as
- A. N75,000 payable to jaguna
- B. N80,000 payable to jaguna
- C. N155,000 payable to basanya
- D. N230,000 payable to basanya
use the following information to answer the question below.
Basanya’s vehicle was hit at the rear by jaguna’s vehicle. The two vehicles had a minimum cover. estimate of repairs were as follows;
Basanya’s vehicle – N155,000; jaguna’s vehicle- N75,000
The effect of the minimum cover on the two vehicles is the the?
- A. two vehicles will be repaired by jaguna's insurer
- B. insurer of each vehicle is responsible for the repairs
- C. vehicle of Basanya will be repaired by jaguna's insurer
- D. two vehicles are not entitled to compensation from the insurer
An insurance that could be effected with profit feauture is
- A. term insurance
- B. public liability insurance
- C. endowment assurance
- D. personal accident insurance
A manufacturing company whose production was abruptly stopped by fire incidence would have its claim for loss of earning settled under the class of
- A. fire insurance
- B. all risk insurance
- C. product liability insurance
- D. consequential loss insurance
family income benefit effected without capital benefit pays the sum assured from the date of?
- A. death of the assured till a specified period
- B. survival of the assured till a specified period
- C. survival of the assured till a specified period
- D. personal accident insurance
one of the duties of a loss adjustor is
- A. advice the claimant on claims processing
- B. ensure prompt payment of claims
- C. estimate maximum loss
- D. investigate the cause of loss
musa lent obinna the sum of N2,000,000 i february 2015 which he promised to pay back at the end of the year.. musa decided to effect a life policy on obinna for a sum of N20,000
The peril insured against by musa is
- A. the loan
- B. death
- C. bad debt
- D. disability
musa lent obinna the sum of N2,000,000 i february 2015 which he promised to pay back at the end of the year.. musa decided to effect a life policy on obinna for a sum of N20,000
The subject matter of insurance in the package is?
- A. obinna's life
- B. the N2,000,000 loan
- C. musa's life
- D. the sum assured of N20,000
car plying the road seeking passengers for payment of fares are classified by insurers as?
- A. private motor
- B. commercial vehicle
- C. motor trade
- D. general cartage
payment of compensation under professional indemnity insurance would be influenced by?
- A. assault
- B. trespass
- C. nuisance
- D. negligence
A factor to be considered before a proposal for endowment assurance is accepted is the proposer’s?
- A. marital status
- B. place of birth
- C. date of birth
- D. social status
A condition which the insuring public would use to evaluate the financial stability of an insurer is?
- A. prompt payment of claims
- B. adequate reinsurance treaty
- C. allowance for ex-gratia payment
- D. settlement of investigated claims
one of the perils of nature is?
- A. heating
- B. earthquake
- C. civil commotion
- D. spontaneous combustion