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Insurance Past Questions

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131

features of insurable risk include?

(i) fortuity (ii) insurer (iii) utmost good faith (iv) financial value

  • A. I and ii only
  • B. ii and iii
  • C. iii and iv
  • D. I and iv only
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132

A document used to alter the information contained in the schedule of a policy is?

  • A. slip
  • B. endorsement
  • C. cover note
  • D. policy form
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133

Ex-gratia payment is made where there is

  • A. no legal liability obligation
  • B. legal liability obligation
  • C. need to refund a premium
  • D. delay in payment of compensation
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WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 24709
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134

the sum assured is the value of the?

  • A. claim
  • B. policy
  • C. premium
  • D. penalty
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135

Hazard in insurance means?

  • A. a situation that posses a threat to life or property
  • B. a situation where there is no agreement
  • C. event that cannot legally be insured
  • D. event that has been insured in the past
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