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.
family income benefit effected without capital benefit pays the sum assured from the date of?
death of the assured till a specified period
survival of the assured till a specified period
survival of the assured period
personal accident insurance
Correct answer is B
No explanation has been provided for this answer.
one of the duties of a loss adjustor is
advice the claimant on claims processing
ensure prompt payment of claims
estimate maximum loss
investigate the cause of loss
Correct answer is C
Loss Adjusters, also known as claims adjusters, work for insurance companies and examine property damage to determine how much an insurance company should compensate the claimant.
musa lent obinna the sum of N2,000,000 i february 2015 which he promised to pay back at the end of the year.. musa decided to effect a life policy on obinna for a sum of N20,000
The peril insured against by musa is
the loan
death
bad debt
disability
Correct answer is B
No explanation has been provided for this answer.
musa lent obinna the sum of N2,000,000 i february 2015 which he promised to pay back at the end of the year.. musa decided to effect a life policy on obinna for a sum of N20,000
The subject matter of insurance in the package is?
obinna's life
the N2,000,000 loan
musa's life
the sum assured of N20,000
Correct answer is A
No explanation has been provided for this answer.
car plying the road seeking passengers for payment of fares are classified by insurers as?
private motor
commercial vehicle
motor trade
general cartage
Correct answer is B
A commercial vehicle is any type of motor vehicle used for transporting goods or transporting paying passengers.
payment of compensation under professional indemnity insurance would be influenced by?
assault
trespass
nuisance
negligence
Correct answer is D
Professional Indemnity Insurance (PII) is a form of liability insurancethat helps protect professional advisers, service-providing individuals and companies from bearing the full cost of defending themselves against a negligence claim made by a client and damages awarded in such a civil lawsuit in the conduct their business.
A factor to be considered before a proposal for endowment assurance is accepted is the proposer's?
marital status
place of birth
date of birth
social status
Correct answer is C
An endowment assurance policy is a life insurance contract that is designed to pay a lump sum after some specified period of time on death. However, if the policy term ends whilst you are in good health, the entire sum is given to you. The date of birth is a vital factor for this insurance contract.
prompt payment of claims
adequate reinsurance treaty
allowance for ex-gratia payment
settlement of investigated claims
Correct answer is A
The “Prompt Payment of Insurance Claims” imposes certain deadlines on insurers for responding to, investigating, and accepting or rejecting claims. The purpose is to “promote the prompt payment of insurance claims pursuant to policies of insurance.” The general public would use this to judge the insurance capability of owning up to reponsibilities
one of the perils of nature is?
heating
earthquake
civil commotion
spontaneous combustion
Correct answer is B
Natural peril; This category includes such perils as injury and damage caused by natural elements such as rain, ice, snow, typhoon, hurricane, volcano, wave action, wind, earthquake, or flood.
A loss assessor in a claim settlement process is representing the interest of the?
insured
insurer
reinsurer
broker
Correct answer is A
A Loss Assessor is appointed by the policyholder when they need to submit a substantial or complex claim. All fees are paid by the Policy holder.(insured)
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