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mr. Thomas assured his life for the sum of N300,000.00 for a period of 20 years. The premium payable being N2,200.00 monthly.due to loss of employment, thomas was not able to pay the premium in the last 3 months .

141

what is the sum assured for the policy

  • A. N26,400
  • B. N44,000
  • C. N300,000
  • D. N528,000
View Answer & Discuss WAEC 2016
142

what is the term for the period he will be allowed to reinstate the contract

  • A. cooling off period
  • B. repayments
  • C. days of grace
  • D. lays days
View Answer & Discuss WAEC 2016
143

what is the term used for the amount payable to mr. Thomas if he chooses to discontinue with the contract

  • A. premium return
  • B. reinstatement return
  • C. terminal claim
  • D. surrender value
View Answer & Discuss WAEC 2016
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Download WAEC May/June App - Get all past questions and answers, 100% offline - 43208
144

PETER CITUKWU'S MOTOR INSURANCE CLAIM Mr. Peter Chukwu owns a Peugeot 406 saloon car which he insured for a value of #2,000,000.00 with Integrity Insurance Plc on comprehensive basis. He uses this vehicle for social, domestic, pleasure purposes and in connection with his business but not for hire and reward. One day, as he was going to the beach with his two children, Emeka and Pauline, he got involved in an accident with another car, a Honda Accord belonging to Mr. Bayo Samuel. Mr. Bayo Samuel was descending a hill at a high speed and consequently hit the back side of Mr. Peter Chukwu's cat damaging the rear bumper, two rear lights and the booth. An argument ensued between Mr. Peter Chukwu and Mr. Bayo Samuel as to how to settle the issue. It was however discovered that Mr. Bayo Samuel had a third party motor insurance cover with Adequate Insurance Company Limited. The accident was reported to Integrity Insurance Plc by Mr. Peter Chukwu who subsequently submitted estimate of repairs, in the sum of two hundred and fifth thousand naira (N250,000.00). The insurer of Mr. Peter Chukwu admitted liability and paid the sum of one hundred and eighty thousand naira (#180,000.00) after adjustment and wrote to Adequate Insurance Company Limited for recovery of its outlay. Mr. Peter Chukwu took delivery of the damaged bumper and rear lights from his mechanic after fixing his car and took them home with the intention of repairing them for sale.

Required:

(a) Identify the principle involved in the case and why?

(b) Explain the principle identified.

(c) Who should take the delivery of the damaged parts of the Peugeot 406 car?

(d) Explain two covers available under the insurance policy held by Mr. Peter Chukwu 
 

View Answer & Discuss WAEC 2016
145

(a) State three marine perils.

(b) List and explain three types of cover available under marine insurance. 
 

View Answer & Discuss WAEC 2016
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