The use of gas burners for cutting and welding is considered in insurance contract as
- A. a favourable morale hazard
- B. a favourable physical hazard
- C. an unfavourable morale hazard
- D. an unfavourable physical hazard
modern insurance business was introduced into nigeria by?
- A. American merchants
- B. British merchants
- C. French merchants
- D. Portuguese merchants
The legth of time in which a proposer is expected to effect changes in life insurance contract is?
- A. days of grace
- B. cooling off period
- C. rectification
- D. endorsement
One of the functions of the institute of loss adjuster of Nigeria is to
- A. provide a forum to improve insurance business
- B. prepare the insured's claims
- C. offer technical services in claim investigation
- D. adjust loss to suit the insured
An insured arranges for his premium payment to cease at the age of 70. This is a whole life policy with
- A. indeterminate premium payment
- B. limited premium payment
- C. single premium payment
- D. modified premium payment
Marine cargo insurance indemnifies the insured for a loss of?
- A. vessel
- B. container
- C. consignment
- D. freight
insurer XYZ is jointly covered for two lines surplus treaty reinsurance by reinsurers I,J,K and L for a retention limit of N120,000. The amount of cession for reinsurer K if all reinsurers share the risk equally with the sum insured of N360,000 is?
- A. N45,000
- B. N60,000
- C. N90,000
- D. N120,000
Non-indemnity insurance policies are referred to as
- A. benefit policies
- B. profit policies
- C. non-profit policies
- D. non-benefit policies
A risk considered as sub standard in future can be dealt with by insurers through
(i) premium loading (ii) double insurance (iii) excess imposition
- A. I and II
- B. I and III
- C. II and III
- D. I,II and III
one of the steps taken by an insurer in claim settlement is to?
- A. investigate the loss
- B. assess the risk
- C. present a claim
- D. appoint loss assessor
full return of premium paid for a contract of insurance is applicable in a situation involving?
- A. double insurance
- B. reduction of cover
- C. absence of agreement
- D. financial distress
The financial interest of the insured in an insurance policy is the
- A. subject matter of insurance
- B. subject matter of the contract
- C. assignment of the contract
- D. deed of the contract
A document issued by an insurer giving temporary protection to the insure is?
- A. endorsement
- B. certificate
- C. proposal form
- D. cover note