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.
use the following information to answer the question below.
Basanya's vehicle was hit at the rear by jaguna's vehicle. The two vehicles had a minimum cover. estimate of repairs were as follows;
Basanya's vehicle - N155,000; jaguna's vehicle- N75,000
jaguna's repaired expenses of N75,000 would be paid by
jaguna's insurer
jaguna
Basanya's insurer
Basanya
Correct answer is A
No explanation has been provided for this answer.
use the following information to answer the question below.
Basanya's vehicle was hit at the rear by jaguna's vehicle. The two vehicles had a minimum cover. estimate of repairs were as follows;
Basanya's vehicle - N155,000; jaguna's vehicle- N75,000
The compensation would be calculated as
N75,000 payable to jaguna
N80,000 payable to jaguna
N155,000 payable to basanya
N230,000 payable to basanya
Correct answer is A
No explanation has been provided for this answer.
use the following information to answer the question below.
Basanya's vehicle was hit at the rear by jaguna's vehicle. The two vehicles had a minimum cover. estimate of repairs were as follows;
Basanya's vehicle - N155,000; jaguna's vehicle- N75,000
The effect of the minimum cover on the two vehicles is the the?
two vehicles will be repaired by jaguna's insurer
insurer of each vehicle is responsible for the repairs
vehicle of Basanya will be repaired by jaguna's insurer
two vehicles are not entitled to compensation from the insurer
Correct answer is C
No explanation has been provided for this answer.
An insurance that could be effected with profit feauture is
term insurance
public liability insurance
endowment assurance
personal accident insurance
Correct answer is C
An endowment policy is a life insurance contract designed to pay a lump sum after a specific term (on its 'maturity') or on death. Typical maturities are ten, fifteen or twenty years up to a certain age limit. Some policies also pay out in the case of critical illness.
fire insurance
all risk insurance
product liability insurance
consequential loss insurance
Correct answer is D
What is 'Consequential Loss'. A consequential loss is an indirect loss resulting from an insured's inability to use business property or equipment. A business owner may purchase insurance to protect them against the secondary loss of property and equipment due to a natural disaster or accident.