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Insurance 2017 WAEC Past Questions

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16

An insurance intermediary that is professionally liable for acts of negligence in the discharge of his duties to his client is an insurance

  • A. agent
  • B. broker
  • C. consultant
  • D. underwriter
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17

life insurance is a contract of?

  • A. indemnity
  • B. subrogation
  • C. benefit
  • D. contribution
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18

In an endowment policy, benefits are paid at death or 

  • A. a lump sum is paid on maturity
  • B. regular payments are made after maturity
  • C. regular payments are made before maturity
  • D. no payments is made until the death of the insured.
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19

The part of the policy that describes the event that could lead to loss in an insurance contract is

  • A. recital clause
  • B. condition
  • C. specification
  • D. operative clause
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20

Insurance is defined as pooling of risk because many people 

  • A. with common interest make claims every year
  • B. with common risk insure with the same company
  • C. with common interest insure with reinsurance company
  • D. form common association to help themselves
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