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.
A term insurance policy is cheap because?
there is no claim if the insured survives the period
the claim is small and easy to pay
there is claim if the insured survives the period
there is no payment due to the insured
Correct answer is A
Term insurance is generally cheaper because the coverage is only provided for a specific period of time. In most cases, the insurance company will never pay out because you will outlive the term and the policy will expire.
The person named to recieve the life assurance proceeds after the date of the life assured is?
beneficiary
receiver
administrator
next of kin
Correct answer is A
A beneficiary is the person or entity you name in a life insurance policy to receive the death benefit.
when a policy is cancelled before its expiry date, what is owed to the insured is
earned premium
unearned premium
return premium
unpaid premium
Correct answer is C
return premium. An amount, equal to a fraction of the premium, which is given back to the insured in the case of a cancellation, an adjustment to the rate, or an overpayment of an advance premium
Nigeria council of registered insurance brokers
chartered insurance institute of Nigeria
National insurers association
Nigeria insurance commission
Correct answer is D
The National Insurance Commission (NAICOM) was established in 1997 by the National Insurance Commission Act 1997 with responsibility for ensuring the effective administration, supervision, regulation and control of insurance business in Nigeria and protection of insurance policyholders, beneficiaries and third parties to insurance contracts.
payment that is made by insurance
events that lead to a loss
exposure to no risk at all
money that is paid for insurance
Correct answer is B
A specific risk or cause of loss covered by an insurance policy, such as a fire, windstorm, flood, or theft.