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Wednesday, 22 April 2026
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Insurance Past Questions and Answers

Waec Insurance Questions

Question 116:
which of the following policies can be used as security for a loan.
  • A Key-man policy
  • B Endowment policy
  • C Term insurance policy
  • D Whole life insurance
View Answer & Explanation
Question 117:
Mr Aderemi owns a car which was insured under comprehensive policy. while insuring the car, he did not inform the company that his wife who have no driving licence also drives the car. the wife while driving the car, came face to face with rioters who damaged the car.


the insurance prinsiple that deals with mr adeyem's failure to inform the insurer about his wife's usage of the car is?
  • A Negligence
  • B Misrepresentation
  • C Untrue statement
  • D Utmost good faith
View Answer & Explanation
Question 118:
Mr Aderemi owns a car which was insured under comprehensive policy. while insuring the car, he did not inform the company that his wife who have no driving licence also drives the car. the wife while driving the car, came face to face with rioters who damaged the car.


what is the effect of the damage by rioters as regards the claim. he will?
  • A Not get anything
  • B Be paid half
  • C Get money from rioters
  • D Be paid in full
View Answer & Explanation
Question 119:
The responsibility of the institute of loss adjuster is to?
  • A Regulate the activities of its members
  • B Settle disputes among insurance companies
  • C Register all insurance practitioners
  • D Act as intermediaries between government and its members
View Answer & Explanation
Question 120:
The process of transfering a risk already taken by an insurer to other insurers is?
  • A Assurance
  • B Re-investment
  • C Reinsurance
  • D Insurance
View Answer & Explanation