Indemnity
Insurable interest
Uberrimae fidei
Subrogation
Correct answer is C
Uberrimae fidei means utmost good faith. This is an insurance principle used in insurance contracts, legally obliging all parties to reveal to the others any information that might influence the others' decision to enter into the contract. If Mr P over valued his property, that means he wasn't honest and have violated the principle of utmost good faith,
N 5000
N 7, 500
N 70, 000
N 75, 000
Correct answer is B
Average clause: A clause in a policy requiring that, where assets are insured for less than their full value, the insured is required to bear a proportion of any loss.
The actual amount of claim is determined by the formula:
Claim = Loss Suffered x Insured Value/Total Cost
30,000 x 25,000 = 750,000000
750,000000 /100,000 = 7,500
The difference between indemnity insurance and non-indemnity insurance is that the latter provides
cover for exporters against risks
cover for importers against risks
full payment to the insured
consolation payment to the insured
Correct answer is D
Non-indemnity insurance tends to cover things with no real replacement value.
Indemnity means that the insured is entitled to a specific amount of compensation for a loss that is tied to a replacement, reimbursement, or fair-market value
A computer accessory through which information can be retrieved is the
hard disk
input device
control unit
floppy disk
Correct answer is D
floppy disk; a flexible removable magnetic disk (typically encased in a hard plastic shell) for storing data.
Dealing in quoted securities on the Nigerian Stock Exchange is restricted to authorized
companies
brokers
investors
principals
Correct answer is B
A quoted security is a marketable security in a class of marketable securities listed for quotation on a stock market of a securities exchange. Itn the NSE it is stock brokers that deal on such securities.
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