The document issued to Eke within one week of the contract is
cover note
proposal form
satisfaction note
renewal notice
Correct answer is A
A cover note is a temporary document issued by an insurance company that provides proof of insurance coverage until a final insurance policy can be issued. Acover note is different from a certificate of insurance or an insurance policy document.
Eke bought a new car for N1.5M. The practice in the insurance idustry is to pay 10% of the value of the vehicle as premium for comprehensive cover and 2.5% additional cover for strike, riot and civil commotion. Eke was issued a document and two weeks later, he was issued another document different from the first document issued
What is the premium payable for the comprehensive cover
N37,000
N150,000
N155,000
N187,500
Correct answer is D
comprehensive cover = 10% + 2.5% of N1.5M
150,000 + 37,500 = 187500
One similarity between be spoke software and application packages is that they are?
both available off the shelf
highly standardized
both written by computer users
meant to be used by computer end users
Correct answer is D
No explanation has been provided for this answer.
Thy following programs are general purpose application software except
corel draw
payroll system
Ms software
MS word
Correct answer is B
No explanation has been provided for this answer.
The claims on kayode's shop would be paid by
musa and okon insurance company
musa insurance company
okon insurance company
Mr Adekunle only
Correct answer is A
The principle of contribution comes in play here. The principle holding that two or more insurers each liable for a covered loss should participate in the payment of that loss. Having paid its share of a loss, an insurer may be entitled to equitable contribution—a legal right to recover part of the payment from another insurer whose policy was also applicable.