WAEC 2022 Insurance Obj/Essay Questions and Answers is out

Are you a candidate writing WAEC Insurance 2022  and looking for WAEC Insurance Questions and Answers for OBJ/Essay 2022/2023? You’ve arrived at the right place.

WAEC 2021 Insurance obj/Essay Questions and Answers Is Out

Others are searching for WAEC Insurance answers 2022 Obj & Theory, WAEC 2021 Insurance, WAEC Insurance 2022 exam Runz, WAEC Insurance 2022 essay, WAEC Insurance  objective and theory, WAEC Insurance 2022, WAEC 2022/2023  Insurance question Paper, is WAEC 2022 Insurance obj/theory questions and answers out, 2022 WAEC Insurance Essay answers, Question and answer for insurance obj/theory  2022, WAEC Insurance 2022, continue reading for our definite solutions to 2022 WAEC Insurance questions and answers (Obj/Theory)

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WAEC Insurance Questions and Answers to OBJ/Essay 2022/2023

The WAEC Insurance obj/Essay Questions and Answers for 2022 are listed below.

The West African Examination Council is an examination body that sets questions yearly from topics that students should be able to write and pass without stress after their education in senior secondary school. There’s no point in waiting for WAEC Expo; the chances of you knowing the answers are slim. The correct answers to WAEC Insurance 2021 are listed below.

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Exams in Insurance require a lot of preparation.

The key to success is preparation. You will not be able to know the correct answers to the questions posed to you unless you prepare for the upcoming Insurance exams. Prepare for your exams by reading

Use the texts recommended by the insurance company.

The West African Examination Council has put together a list of recommended reading that will help you prepare for the exams. Because the pattern of questions set is likely to be the same as that of the recommended textbooks, the recommended textbooks are there to assist you. As a result, using the WAEC recommended textbooks is critical to success.

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2022 WAEC Insurance Obj Answers.

WAEC 2021 insurance objective answers 👇

  • 1-10: ABACABCDAB
  • 11-20: AACBADABAA
  • 21-30: DACDBBBACD
  • 31-40: BEAADDAADE
  • 41-50: BBBEEDACCD
  • 51-60: BEEECABDCE

2022 WAEC Insurance Questions and Answers

This is a collection of questions and answers from a prior Insurance WAEC questions. 2 hours before the exam, the primary answers for 2021 will be loaded on this page.

 (No 1)

(1) What is a document provided by an insurer that provides the insured with temporary protection?

  • A. affirmation
  • B certificate
  • C. proposal form
  • D. cover note

Option D is the correct answer.

Explanation:

A cover note is a temporary document produced by an insurance company that serves as proof of coverage while waiting for a final insurance policy to be issued.

 (No 2)

(2) The insured’s financial interest in an insurance policy is the

  • A. the subject of insurance
  • B. the contract’s subject matter
  • C. the contract’s assignment
  • D. the contract’s deed

Option C is the correct answer.

Explanation:

When one party to an existing contract (the “assignor”) transfers the contract’s obligations and benefits to another party, this is known as an assignment of contract (the “assignee”). The assignor wishes for the assignee to take his place and accept all of his contractual obligations and rights.

(No 3)

(3) In a circumstance involving, is a full refund of premiums paid for an insurance contract applicable?

  • A. buy two policies
  • B. Coverage decrease
  • C. Lack of Cooperation
  • D. monetary hardship

Option A is the correct answer.

Explanation

Double insurance refers to a situation in which a single risk is covered by two separate but overlapping insurance policies. When a person has double insurance, it means that he or she is covered by two different insurance firms for the same interest in the same subject matter.

The general rule is that in the event of double insurance, if a loss is caused by the risk insured against, the insured may recover the full amount of his loss from whichever insurer or insurers he chooses, according to the conditions of each insurance policy.

( No 4)

(4) In the case of a claim settlement, one of the stages followed by an insurance is to?

  • A. Look into the incident.
  • B. Identify the danger
  • C. make a statement
  • D. appoint a loss examiner.

Option B is the correct answer.

Explanation:

Receiving compensation after being wounded in an accident entails more than merely making a claim with the at-fault party’s insurance company.

The majority of the time, there will be some negotiation with the insurance provider, as well as a thorough assessment of your claims. Even after all of this, insurance companies may still undervalue your claim, so understanding what to do next is critical.

(No 5)

(5) Insurers can deal with a risk that will be judged substandard in the future.

I premium loading; (ii) double insurance; and (iii) excess levy

  • I and II of A.
  • I and III, part B
  • II and III of C

I, II, and III are the first, second, and third letters of the alphabet, respectively.

(No 6)

(6) Non-indemnity insurance products are often known as liability insurance.

  • A. insurance policies.
  • B. profit-oriented policies
  • C. policies relating to non-profit organizations
  • D Non-benefit policies are a type of non-benefit policy

(No 7)

(7) insurer XYZ is covered by reinsurers I,J,K, and L for two lines surplus treaty reinsurance with a retention maximum of N120,000. If all reinsurers share the risk equally and the sum insured is N360,000, what is the amount of cession for reinsurer K?

  • A. N45,000
  • B. N60,000
  • C. N90,000
  • D. N120,000

(No 8)

(8) Marine cargo insurance compensates the insured in the event of a loss of?

  • A. vessel
  • B. container
  • C. Consignment
  • D. transport

(No 9)

(9) When an insured reaches the age of 70, he arranges for his premium payments to stop. This is a policy that covers you for the rest of your life.

  • (A) premium payment for an indefinite period of time
  • (B) a premium payment cap
  • (C). payment of a single premium
  • (D). a new premium payment system

(No 10)

(10) What is the length of time a proposer is required to make amendments to a life insurance contract?

  • A. grace period
  • B. cooling-off period
  • C. rectification
  • D. approval

(No 11)

(11) Who was the first to provide modern insurance to Nigeria?

  • A. Merchants from the United States
  • B. British traders
  • C. French merchants
  • D. Portuguese merchants

(No 12)

(12) Insurers consider the use of gas burners for cutting and welding to be risky.

  • A. a positive morale risk
  • B. a physical hazard that is favorable
  • C. a potential source of low morale
  • D. a dangerous physical condition

(No 13)

(13) What is the manner of paying premiums in a life insurance contract where the premium payable rises as the age of the policyholder rises?

  • A. premium natural
  • B. premium level
  • C. premium for risk
  • D. premium pure

(No 14)

(14) The creditor’s right to make an insurance contract on the life of a debtor is?

  • A. utmost good faith
  • B. proximate cause
  • C. insurable interest
  • D. contribution

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