Waec Insurance Question and Answer OBJ & Essay | Theory Expo 2022

WAEC (Insurance) Answer Obj & Essay – June/July Runz

 

INSURANCE ANSWERS
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(6a)
[Pick any three]
(i) Association of Registered Insurance Agents of Nigeria (ARIAN)
(ii) Chattered Insurance Institute of Nigeria (CIIN)
(iii) Nigerian Council of Registered Insurance Brokers (NCRIB)
(iv) Professional Reinsurers Association Of Nigeria (PRAN)

(6bi) The Chartered Insurance Institute of Nigeria

(a) for determining the standards of knowledge and skills to be attained by persons seeking to become registered members of the Insurance profession in Nigeria and reviewing those standards from time to time as circumstances may permit

(6bii) National insurance commission of Nigeria

(a) This Issues directives, directions, instructions and guidelines to insurers, reinsurers and insurance intermediaries.

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(7a)
(PICK FIVE)
(i) Doctors.
(ii) Lawyers.
(iii) Accountants.
(iv) Estate agents.
(v) Business consultants.
(vi) Financial advisors.

(7b)
(i) Cover note: A cover note is a temporary certificate of insurance issued by the Insurer before the issuance of a policy after the Insured has given a duly filled in proposal form and has paid the premium in full.

(ii) Underinsurance: Underinsurance refers to a person having insurance coverage but with a policy that won’t pay out enough to cover the full expenses incurred when filing a claim.

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