Insurance 2016 Waec Past Questions and Answers

Question 1 :

• WAEC 2016

mr. Thomas assured his life for the sum of N300,000.00 for a period of 20 years. The premium payable being N2,200.00 monthly.due to loss of employment, thomas was not able to pay the premium in the last 3 months .


what is the sum assured for the policy

A. N26,400
B. N44,000
C. N300,000
D. N528,000

Question 2 :

• WAEC 2016

mr. Thomas assured his life for the sum of N300,000.00 for a period of 20 years. The premium payable being N2,200.00 monthly.due to loss of employment, thomas was not able to pay the premium in the last 3 months .


what is the term for the period he will be allowed to reinstate the contract

A. Cooling off period
B. Repayments
C. Days of grace
D. Lays days

Question 3 :

• WAEC 2016

mr. Thomas assured his life for the sum of N300,000.00 for a period of 20 years. The premium payable being N2,200.00 monthly.due to loss of employment, thomas was not able to pay the premium in the last 3 months .


what is the term used for the amount payable to mr. Thomas if he chooses to discontinue with the contract

A. Premium return
B. Reinstatement return
C. Terminal claim
D. Surrender value

Question 4 :

• WAEC 2016

A life policy where the insured cannot make claim himself because the payment cannot be made in his life time is

A. Whole life policy
B. Annuity policy
C. Key-man policy
D. Endowment policy

Question 5 :

• WAEC 2016

The policy taken to cover loss of income that a business suffers when its facilities are closed due to a disaster is

A. Group insurance
B. Business support
C. Fire insurance
D. Business interruption