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A condition which the insuring public would use to evaluate the financial stability of an...

Insurance
WAEC 2018

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
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Correct Answer: Option A
Explanation

The “Prompt Payment of Insurance Claims” imposes certain deadlines on insurers for responding to, investigating, and accepting or rejecting claims. The purpose is to “promote the prompt payment of insurance claims pursuant to policies of insurance.” The general public would use this to judge the insurance capability of owning up to reponsibilities


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JAMB CBT Mobile App 2025 - Free Download
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WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 127076
JAMB CBT 2025 - Candidates, Schools, Centres, Resellers - Get Ready!
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WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 127076