WAEC Insurance Past Questions & Answers - Page 11

An insurance broker is  a person or company registered as an adviser on matters of insurance and as an arranger of insurance cover with an insurer on behalf of a client.

The death benefit would be paid by the insurance company if the insured died during the one-year term, while no benefit is paid if the insured dies one day after the last day of the one-year term. The premium paid is then based on the expected probability of the insured dying in that one year.

You purchase this insurance for a set amount of time, or a "term," often in 5, 10, 20, or 30 year increments. It's usually at a set price, which means you pay the same amount of money for the policy ever year until the term is up. If you should die during the term, the beneficiaries of your policy will receive the value of the policy. If you don't die during the term, there's no payout. (The good news is you're still alive!)

An insurance claim is a formal request by a policyholder to an insurance company for coverageor compensation for a covered loss or policy event. The insurance company validates the claim and, once approved, issues payment to the insured or an approved interested party on behalf of the insured.

No explanation has been provided for this answer.

An insurance premium is the amount of money an individual or business must pay for an insurancepolicy. Insurance premiums are paid for policies that cover healthcare, auto, home, life, and others.Insurance premiums may increase after the policy period ends.