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Insurance 2017 WAEC Past Questions

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11

one of the feature of ''with profit whole life assurance'' is that profit is allocated to the policy?

  • A. as soon as the policy holder dies
  • B. up to the date of death of the policyholder
  • C. when the insurer decides to pay the policyholder
  • D. as soon as the insured surrenders the policy
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12

The price paid for the purchase of insurance policy is?

  • A. premium
  • B. claim
  • C. renewal
  • D. benefit
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13

The period of insurance in non-life insurance contract is usually

  • A. one month
  • B. one year
  • C. two years
  • D. three years
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14

The demand for payment made by the insured to the insurer following occurence of the event insured against is

  • A. consideration
  • B. gratification
  • C. commission
  • D. claim
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15

Term insurance benefits are payable 

  • A. maturity
  • A. at surrender
  • B. at death
  • C. before maturity
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