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Addition of a new building to an existing fire and special perils insurance would be...

Insurance
WAEC 2018

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
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Correct Answer: Option B
Explanation

The purpose of an endorsement is a policy change. Insurance companies create endorsements to offer options to insureds to add coverage or increase coverage limits, but insurers may also issue special endorsements to limit or restrict coverage. Insurance endorsements are used in property and casualty insurance.


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WAEC and NECO CBT Software for Computers and Laptops - Candidates, Schools, Centres, Resellers - 100% Offline -Download Now
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WAEC offline past questions - with all answers and explanations in one app - Download for free
WAEC offline past questions - with all answers and explanations in one app - Download for free
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
WAEC and NECO CBT App for Mobile Devices - Candidates, Schools, Centres, Resellers - 100% Offline -Download Now
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