Insurance Past Questions and Answers

(a) Explain two factors that could reduce the amount of indemnity under an insurance-contract.
(b) A property owned by bal Ltd was covered by three insurers, A, B and C for the Sum of N150,000, N120,000 and N90,000 respectively. The insured suffered a loss of N60,000. Calculate the liability of each insurer.

(a)(i) What is a proposal form?
(ii) List four general questions that are contained in a proposal form.
(b) List and explain three documents used in effecting insurance contracts.

(a) What is reinsurance?
(b) Explain four essential features of insurable interest.

(a) Outline three types Of policy in motor insurance.
(b) List and explain three scopes of cover. in motor insurance.

State five duties each of the following.
(a) insurance brokers
(b) insurance-agents
(c) Nigerian Insurers Association.