Question 1 of 50

Explosion

Flame

Flood

Lightning
Question 2 of 50

insureds.

insurers.

brokers.

agents.
Question 3 of 50

be paid to the employer in full.

not be partly paid to the insurer.

be paid conditionally to the insured.

not be paid to the beneficiaries.

Question 4 of 50

Derailment of a moving train.

Economic meltdown.

Industrial fire outbreak.

Mass dismissal of employees.

Question 5 of 50

Cover is granted to all members until death.

Individual completion of proposal form by members.

Members will have to be examined by health experts.

Sum assured is based on accumulated individual figures.

Question 6 of 50

Pay retirement benefits to retiring employees.

Receive monthly contributions from employers.

Send monthly statement of accounts to individual employees.

Supervise pension related matters.

Question 7 of 50

N7,207,000

N7,452,000

N7,659,000

N7,968,000
Question 8 of 50

Risk can occur without uncertainty.

Risk is another name for uncertainty.

Uncertainty precedes risk occurrence.

Uncertainty succeeds risk occurrence.

Question 9 of 50

Duly licensed to do insurance business.

Above 18 years of age.

Not mentally challenged.

Must not be under the influence of alcohol/drugs.

Question 10 of 50

captive company.

Lloyds syndicate.

proprietary company.

specialist company.
Question 11 of 50

N2,400,000

N3,200,000

N4,000,000

N800,000
Question 12 of 50

Contribution.

Indemnity.

Proximate cause.

Subrogation.
Question 13 of 50

Inclusion of usage direction in finished products.

Inscribing disclaimer notices on finished products.

Sending the finished products to distributors.

Withdrawal of finished products from the market.

Question 14 of 50

investment of funds.

sharing of profit.

claims payment.

premium allocation.
Question 15 of 50

financial risk.

income risk.

longevity risk.

retirement risk.
Question 16 of 50

Reinstatement.

Repair

Replacement

Restatement.
Question 17 of 50

insured make consideration.

insured makes the offer.

insurer accept the offer.

insurer grants coverage.

Question 18 of 50

assistance with household chores.

custodial care at patient’s home.

house rent for patient’s home.

skilled nursing care.

Question 19 of 50

insured must be exposed to large quantity of the same risk.

insurer must be liable to pay large compensation for the same loss.

large volume of similar loss must happen.

large number of similar risks must exist.

Question 20 of 50

Brazil in 1888

Germany in 1898

Portugal in 1908

Russia in 1891
Question 21 of 50

Have required capacity.

Make valid offer.

Pay the premium.

Receive acceptance letter.

Question 22 of 50

as a result of a liability loss suffered by an employer.

as a result of a negligent act of a third party.

consequent upon a physical property loss suffered by a firm.

due to an interruption caused by government policy.

Question 23 of 50

Chance of loss occurrence is ascertained.

Probability that loss will occur is equal to zero.

There is an exchanged for the certainty of compensation.

Uncertainty of loss is exchanged for the certainty of cost of loss.

Question 24 of 50

A lump sum of the outstanding amount shall be paid to the beneficiaries.

The beneficiaries will not receive any payment from the outstanding amount.

Annuity shall be purchased for the beneficiaries with the outstanding amount.

The outstanding amount shall be spent to purchase life assurance policy.

Question 25 of 50

Certificate of cover

Certificate of insurance

Certificate of liability

Certificate of policy
Question 26 of 50

Protection against loss suffered by individuals at old age.

Benefits enjoy by individuals in returns for contributions made by the government.

Protection against economic and social distress funded by the public.

Social insurance policy for protection against various security risks.

Question 27 of 50

coinsurance company.

composite company.

general insurance company.

reinsurance company.
Question 28 of 50

insurable.

measurable.

profitable.

visible.
Question 29 of 50

N26,053.9696

N32,567.462

N48,851.193

N58,621.4316
Question 30 of 50

policy form.

premium form.

proposal form.

proposer form.
Question 31 of 50

N200,000

N600,000

N800,000

N1,400,000
Question 32 of 50

A citizen working as a public servant in Ebonyi State.

A Ghanaian who has spent 20 years working for Guiness, Nigeria.

The owner/General Overseer of Faith Growth Assembly Church.

The United Nation special envoy to Nigeria.

Question 33 of 50

decides the terms applicable to risk.

determines the genuineness of a claim.

enhances the capacity of an insurer.

measures the acceptability of risk.

Question 34 of 50

Health status

Loss Experience

Product quality

Security measures
Question 35 of 50

Coinsurance companies

Insurance companies

Reinsurance companies

Specialist companies
Question 36 of 50

Insured needs to have fore-knowledge of the loss occurrence.

Insured must have legal relationship with subject matter of insurance.

The risk must be the only type existing in its class.

Risk must hold forth some element of gain.

Question 37 of 50

contributed into the same portfolio.

distributed from one portfolio.

diverted into different portfolio.

sread into the same portfolio.

Question 38 of 50

Foreigners in Nigeria scheme.

International Travel scheme.

Nigerians in foreign countries scheme.

Political office holders’ scheme.

Question 39 of 50

insured does not get more than the claim value.

insured is liable for a portion of the claim.

insurer does not pay more than the claim value.

insurer is liable to pay the total value of the claim.

Question 40 of 50

N1,235,065

N1,289,583

N2,394,939

N3,684,523
Question 41 of 50

Loss Adjuster

Loss Agent

Loss Broker

Loss Underwriter
Question 42 of 50

Arbitration.

Claims procedure.

Contribution.

Utmost good faith.

Question 43 of 50

4%

16%

25%

84%
Question 44 of 50

Risk analysis.

Risk control.

Risk evaluation.

Risk identification.
Question 45 of 50

benefits Chief Ireti is deriving from the partnership.

Mr Jone’s financial contribution to the partnership.

Mr Jone’s indebtedness to the partnership.

the partners’ contribution to the partnership.

Question 46 of 50

Invisible capital

Job creation

Loss control

Peace of mind
Question 47 of 50

To increase access to the reinsurance market.

To grow the number of insurers in the market.

To minimisereliance on conventional insurers.

To reduce the cost of risk management.

Question 48 of 50

averagely liable.

fully liable.

not liable.

partly liable.
Question 49 of 50

insured must meet the mind of the insurer.

insurer needs to be known to the insured.

insured must be accepted by the insurer.

insurer must be clarified to the insured.

Question 50 of 50

The chance of loss occurrence will increase.

The probability of risk occurrence will increase.

The level of uncertainty will change.

The possibility of uncertainty will increase.