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post-utme2015insurance
Q1. One of the benefits payable under personal accident insurance policy is
Aretirement benefit
Bsurrender benefit
Cdeath benefit
Dtransfer benefit
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post-utme2015insurance
Q2. The difference between theft and burglary insurance lies in evidence of
Apilfering of insured items
Bremoval of insured items by tricks
Cforceful violent entry or exit affecting insured items
Dthreat leading to loss of insured items
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post-utme2015insurance
Q3. The document issued by the insurer when there is a change in the particulars of a risk insured is
Aendorsement
Bcertificate
Cvoucher
Dpolicy
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post-utme2015insurance
Q4. Insurance against risk is possible because of the law of
Alarge numbers
Bfew numbers
Cinverse proportion
Ddiminishing returns
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post-utme2015insurance
Q5. The person that transfers risks to the insurance company is called
Aa broker
Ban insured
Can underwriter
Da loss adjuster
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post-utme2015insurance
Q6. Which of the following activities is not involved in claims management?
AProof of loss
BParticulars of loss
CPremium calculation
DPrimary investigation
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post-utme2015insurance
Q7. Cover note in motor insurance is issued for a period not exceeding
A30 days
B60 days
C90 days
D120 days
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post-utme2015insurance
Q8. Which of the following is the function of a loss adjuster?
AEnsures payment of adequate compensation
BAdvises the insurer on claim
COperates with unlimited authority
DNotifies insurer of the loss
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post-utme2015insurance
Q9. The right of choice of option for method of indemnity is exercised by the
Ainsured
Binsurance broker
Cinsurance consultant
Dinsurer
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post-utme2015insurance
Q10. A new Nissan car valued at N= 350,000 was used to replace a Peugeot car with a sum insured N= 250.000 in private policy. The Peugeot car enjoys a 25% no claim discount. If the rate of premium is 11% and the no claim discount is transferred to the new vehicle, what would be the premium for the new Nissan car?
AN= 20,625
BN= 27,500
CN= 28,875
DN= 38,500
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post-utme2015insurance
Q11. Which of the following factors limits indemnity?
ACession
BRe - insurance
CExcess
DCo - insurance
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post-utme2015insurance
Q12. Which of the following documents forms the basis of a contract in insurance business?
APolicy document
BProposal form
CClaim form
DDischarge form
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post-utme2015insurance
Q13. What is the maximum liability which the insurer can pay on a particular loss?
AAverage
BSum insured
CFranchise
DExcess
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post-utme2015insurance
Q14. The sum insured for a risk is N= 150,000 and was accepted for fire insurance at a rate of 0.25%. How much will the insured pay as a premium?
AN= 125
BN= 375
CN= 500
DN= 875
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post-utme2015insurance
Q15. The meaning of with profit policy in life assurance is that the sum assured is paid
Awithout profit
Bwith profit
Cwith interest
Dwithout interest
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post-utme2015insurance
Q16. The amount charged when a ship overstays at the port under a marine contract is
Apenalty
Bfine
Covercharge
Ddemurrage
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post-utme2015insurance
Q17. Which of the following is not a component of an insurance policy?
ASignature clause
BParticular clause
CRecital clause
DOperative clause
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post-utme2015insurance
Q18. Which of the following would not give cause for subrogation right?
ABenefit
BContract
CStatute
DSalvage
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post-utme2015insurance
Q19. Which of the following is a component of premium in insurance?
AMargin
BReserve
CFunds
DCapital
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post-utme2015insurance
Q20. Insurance is described as a risk
Aavoidance mechanism
Bregulating mechanism
Ctransfer mechanism
Dassessment mechanism
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post-utme2015insurance
Q21. A fire insurance policy guaranteed by the insured to be in place for a stated period with a particular insurer is granted a _____________
Ano claim discount
Bfleet discount
Clong - term agreement discount
Dplurality discount
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post-utme2015insurance
Q22. A clause in an insurance policy that makes a claim jointly payable to the policyholder and the third party is
Aclaim clause
Bmortgagee clause
Cmortgage clause
Djoint liability clause
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post-utme2015insurance
Q23. Which of the following is a duty of an insured in an insurance contract?
AConcealment of facts
BExposure of facts
CDisclosure of facts
DAcceptance of facts
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post-utme2015insurance
Q24. Which class of life assurance would a young couple who desires to start a new business in five years time purchase?
AWhole life policy
BLimited whole life policy
CKeyman policy
DEndowment policy
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post-utme2015insurance
Q25. Who among the following is an employer of loss adjuster?
AInsurer
BBroker
CInsured
DAgent
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post-utme2015insurance
Q26. The cover that is taken at the option of the motor vehicle owner is
Aa comprehensive cover
Ban act only cover
Ca third party only cover
Da special type cover
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post-utme2015insurance
Q27. The saving element in a permanent life assurance policy which represent the policyholder’s interest in the policy is
Asurrender value
Bcash value
Csum assured
Dresidual value
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post-utme2015insurance
Q28. A motorist travelling from Ghana to Nigeria would be required to obtain one of the following types of motor insurance cover
Agreen card
Bbrown card
Cyellow card
Dpurple card
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post-utme2015insurance
Q29. A fire insurance policy valued at N= 250,000 is issued at the rate of 0.2%. How much would the premium be, if the policy is granted with 5% long - term agreement discount?
AN= 475
BN= 500
CN= 12,500
DN= 13,000
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post-utme2015insurance
Q30. The payment by an insurer to the insured in the event of loss is