A loss assessor in a claim settlement process is representing the interest of the?
- A. insured
- B. insurer
- C. reinsurer
- D. broker
A reinsurance cover of N100,000 in excess of N20,000 was entered by insurer K with reinsurer M. In the event of a loss amounting to N120,000, M would pay?
- A. N20,000
- B. N120,000
- C. N80,000
- D. N100,000
The insurance professional who assist the third party to evaluate the extent of loss in a motor accident is
- A. a loss adjustor
- B. a loss assessor
- C. a consultant
- D. an investigator
An insurance policy is subject to a franchise of N115,000, how much would an insured who suffered of N120,000 recieve as compwnsation
- A. N5,000
- B. N115,000
- C. N120,000
- D. N235,000
A general question in an insurance proposal form is
- A. name of the proposal
- B. carriage of fare-paying passenger
- C. description of the proposers' premises
- D. methods of construction
insurers requesting for membership of Nigeria Insurers Association is required by law to?
(i) have been registered with NAICOM (ii)operate with sound insurance principles (iii) hold membership of CHN (iv) ascribe to the policy holding of NIA
- A. i, ii and iii only
- B. i, ii and iv
- C. i, iii and iv
- D. ii, iii and iv
The winding up of an insurance is legally required to be based on a petition written from not less than
- A. 30 policy holders
- B. 40 policy holders
- C. 50 policy holder
- D. 60policy holders
contract of insurance which involves large industrial risks are handled for protection through the completion of?
- A. a proposal form
- B. a policy form
- C. an endorsement
- D. a slip
The document used pending the issuance of certificate in motor insurance policy is
- A. a cover note
- B. a proposal form
- C. an endorsement
- D. a slip
The form of term assurance that operates three options which must be excised before maturity is
- A. decreasing term insurance
- B. increasing term insurance
- C. level term insurance
- D. convertible term insurance
Extension cover under money insurance policy doesnt include?
- A. shortage
- B. hold-up
- C. personal injury
- D. damaged to safe
concealment of information considered to be material to the contract of insurance is violating the principle of?
- A. subrogation
- B. indemnity
- C. insurable interest
- D. utmost good faith
one benefit of life insurance policy is that it serves as
- A. replacement of earnings after injuries
- B. provision for bad debts
- C. collateral for loans
- D. repair cost of damaged properties
A claimant who is not legally entitled to a claim under an insurance contract may be offered a payment on?
- A. constructive total loss basis
- B. partial loss basis
- C. advice of loss basis
- D. ex-gratia basis
The class of insurance under which a visitor who was bitten by her host dog would be compensated is?
- A. personal liability insurance
- B. public liability insurance
- C. professional indemnity insurance
- D. employers liability insurance
The minimum cover for motorist in nigeria is?
- A. ''Act'' only
- B. third party only
- C. fire and theft
- D. comprehensive insurance
claims paid by insurers in the event of loss is irrecoverable when the?
- A. average clause is applied
- B. sum insured has been exhausted
- C. sum insured has not been exhausted
- D. payment is and ex gratia basis
Addition of a new building to an existing fire and special perils insurance would be effected through the issuance of?
- A. a new policy
- B. an endorsement
- C. a specification
- D. a rectification
A condition precedent to an insurance contract is the
- A. extent of the cover granted
- B. right to cancel the insurance contract
- C. right to take possession of damaged property
- D. existence of the subject matter of insurance
The right to effect a contract of insurance on the life of a debtor by the creditor is?
- A. utmost good faith
- B. proximate cause
- C. insurable interest
- D. contribution
The method of paying premium in life insurance contract in which premium payable increases as age increases is?
- A. natural premium
- B. level premium
- C. risk premium
- D. pure premium