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post-utme2014insurance
Q1. An assurance policy taken by experts to cover possible negligence arising from their duties is
Aconsequential loss
Bprofessional indemnity
Ccargo
Dfreight
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post-utme2014insurance
Q2. An insurer who buys reinsurance cover is insured as
Aretrocession
Bretrocedant
Ccession
Dcadent
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post-utme2014insurance
Q3. In classification of risks, what is the name given to a risk where the causes of events are linked to factors that are due to the society we live in?
ADynamic risk
BParticular risk
CSpeculative risk
DFundamental risk
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post-utme2014insurance
Q4. How much premium will the insurer charge?
AN= 3,750
BN= 13,750
CN= 17,500
DN= 31,250
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post-utme2014insurance
Q5. Which of the following policies will prevent loss of home if the wage earner dies?
ATerm assurance
BEndowment assurance
CMortgage insurance
DWhole life assurance
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post-utme2014insurance
Q6. The consideration paid for insurance contract is
Amoney
Bcommission
Cpremium
Dfee
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post-utme2014insurance
Q7. The owner of a life assurance policy who enters into an agreement to sell the ownership of the policy and beneficiary rights upon the death of the insured is called
Aan underwriter
Ba aviator
Ca factor
Dan assessor
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post-utme2014insurance
Q8. A small fixed sum retained by the insured in the form of a claim is
Aslip
Bseverity
Cexcess
Dfrequency
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post-utme2014insurance
Q9. The payment made when the insured is not entitled to claim under a policy is
Avoluntary excess
Bex-gratia
Creturn premium
Dpremium
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post-utme2014insurance
Q10. In the preparation of food for eat - in - customers, the cooks made a mistake in using excess quantity of an ingredient. A customer ate and suffered poisoning. Which policy of the operator would pick this liability?
APublic liability
BPersonal liability
CAll risks insurance
DLoss of profit insurance
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post-utme2014insurance
Q11. Which of the following is a contract of benefit?
APersonal accident insurance
BBusiness interruption insurance
CFire insurance
DMoney insurance
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post-utme2014insurance
Q12. Which of the following activities is not a function of the Chartered Insurance Institute of Nigeria?
ASetting a standard for members
BPromoting Professional growth
CPromoting the interest of insurers
DSpecifying professional qualification
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post-utme2014insurance
Q13. To which of the following parties does the principle of utmost good faith apply in a contract of insurance?
AThe proposer only
BThe insurer only
CThe insurer and proposer
DThe third party and insured
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post-utme2014insurance
Q14. The class of non-life insurance policy where cover note is issued is
Afire insurance
Bburglary insurance
Cmotor insurance
Dfidelity guarantee
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post-utme2014insurance
Q15. The right of the insurer to step in place of the insured for the purpose of recovering damages is called
Arepresentation
Bindemnity
Csubrogation
Dcontribution
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post-utme2014insurance
Q16. Which of the following is not a feature of insurable interest?
ALoss suffered
Bsubject matter
CLegal relationship
DFinancial value
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post-utme2014insurance
Q17. Abandonment is mostly applicable to
Amarine insurance
Bmotor insurance
Cfire insurance
Dengineering insurance
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post-utme2014insurance
Q18. The evidence of the insurance contract is
Aproposal form
Bpolicy
Cschedule
Dendorsement
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post-utme2014insurance
Q19. The document that sets out the list of items covered in insurance is a
Amanifest
Bbill of lading
Cpolicy list
Dpolicy specification or form
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post-utme2014insurance
Q20. One of the information contained in a renewal notice is the
Aprevious losses
Blocation of the risk
Coccupation of the insured
Dsum insured
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post-utme2014insurance
Q21. The class of insurance that covers legal liability to a third party for bodily injury and property damage caused by goods supplied is
Aemployer’s liability
Bpublic liability
Cprofessional indemnity
Dproducts liability
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post-utme2014insurance
Q22. Which of the following is a risk covered in endowment assurance?
APermanent disability
BBodily injury
CTemporary disability
DDeath cover
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post-utme2014insurance
Q23. Insurers A and B cover a risk at the ratio of 2:5 for the sum insured of N= 1,800. How much would insurer A get from the risk?
AN= 1,285.00
BN= 771.00
CN= 514.00
DN= 180.00
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post-utme2014insurance
Q24. A revival clause in a life policy will allow an insured to revive a policy that lapsed on account of nonpayment of premium, provided the insured
Acan prove he is sick at the time
Bcannot fall sick after the policy
Ccan prove he is in good health
Dcan recover from the ill health
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post-utme2014insurance
Q25. The type of cover that is designed against loss of earnings following loss caused by fire and special perils is
Aproduct guarantee insurance
Bmaterials damage cover
Cfire damage policy
Dconsequential loss cover
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post-utme2014insurance
Q26. A provision in a policy that exempts an insurer from liability if the loss is less than a certain amount is
Aexcess
Btransfer
Clay days
Dfranchise
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post-utme2014insurance
Q27. Family income option in a life policy provides that
Athe beneficiary will be paid for life
Bthe beneficiary receives the policy sum
Cinterest will be added monthly
Dsalary will be paid to the insured until death
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post-utme2014insurance
Q28. One of the information contained in a motor insurance cover note is the
Abehaviour of the insured
Boccupation of the insured
Ccommencement date
Dprevious and present insurance history
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post-utme2014insurance
Q29. In property insurance, which of the following is not a direct loss?