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Insurance Past Questions

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6

Non-indemnity insurance policies are referred to as

  • A. benefit policies
  • B. profit policies
  • C. non-profit policies
  • D. non-benefit policies
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7

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
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8

Marine cargo insurance indemnifies the insured for a loss of?

  • A. vessel
  • B. container
  • C. consignment
  • D. freight
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9

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
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10

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
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