Insurance Questions and Answers
Test and improve on your knowledge of insurance with these Insurance questions and answers. This aptitude test assesses your understanding of the fundamental concepts of insurance.
Test and improve on your knowledge of insurance with these Insurance questions and answers. This aptitude test assesses your understanding of the fundamental concepts of insurance.
Adekunle bought a car for N2,000,000. he insured it with musa insurance company and okon insurance company for N600,000 and N800,000 respectively. on his way to his office, he had an accident which destroyed his windscreen valued at N30,000 and kayode's shop valued at N15,000.
The policy cover with musa insurance is
averagely insured
fully insured
under insured
over insured
Correct answer is B
Fully Insured is another way of saying there is no-risk or liability as the policyholder and the insurance company assumes all the risk aside from paid premiums.
marine insurance
business interruption insurance
theft insurance
goods in transit insurance
Correct answer is D
Goods in Transit policy (GIT) covers the goods of the insured against fire, theft or accidental damage while thegoods are being loaded or unloaded, as well as, while the goods are in transit or whilst temporarily housed within the general course of transit.
The first insurance company to establish its branch office in Nigeria is
Norwich insurance company
Royal exchange assurance
Yorkshire insurance company
phoenix of Nigeria assurance company
Correct answer is B
The Company started operations in Nigeria represented by Barclays Bank DCO in 1918. A branch of the then parent Company, Royal Exchange Assurance, London, (REA...), was then established in Lagos on February 28, 1921. REA was originally founded in 1720 and was one of the first two insurance companies to receive legal status by Royal Charter.
The policy which covers either death or disability resulting from an injury is
personal accident insurance
fidelity guaranteed
sickness insurance
motor insurance
Correct answer is A
Personal Accident insurance or PA insurance is an annual policy which provides compensation in the event of injuries, disability or death caused solely by violent, accidental, external and visible events. It is different from life insurance and medical & healthinsurance.
The document used by the insurer to ask questions about a risk to be covered is
certificates
proposal form
policy form
schedule
Correct answer is B
A proposal form is a standard printed document that is completed by a person who is requesting insurance coverage. The main source of information in an application for risk coverage is the proposal form that the applicant or the intermediary submits to the insurer.
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