WAEC Commerce questions: Insurance

18 questions with answers and explanations. Tap an option to check yourself.

All topics Advertising and marketing · 16 Business management and environment · 15 Commerce and its scope · 16 Communication · 17 Computers and ICT in business · 15 Consumer protection · 16 Documents used in trade · 18 Elements of commercial law · 16 Financing a business · 16 Foreign trade · 19 Forms of business organisation · 19 Home trade: retail and wholesale · 19 Insurance · 18 Money and banking · 19 Occupation and production · 17 The stock exchange · 17 Transport · 16 Warehousing · 15

Question 1· Insurance· WAEC
The amount paid regularly for an insurance policy is the
Explanation and discussion
Question 2· Insurance· WAEC
After compensating a client, the insurer takes over the client's rights against a third party. This is
Explanation and discussion
Question 3· Insurance· WAEC
The principle that prevents an insured person from making a profit from a loss is
Explanation and discussion
Question 4· Insurance· WAEC
Life assurance differs from insurance because
Explanation and discussion
Question 5· Insurance· WAEC
The principle that the insured must disclose all material facts is
Explanation and discussion
Question 6· Insurance· WAEC
The principle that requires the person seeking insurance to disclose all material facts is
Explanation and discussion
Question 7· Insurance· WAEC
Which of these risks cannot be insured?
Explanation and discussion
Question 8· Insurance· WAEC
After paying a claim, an insurer takes over the insured's rights against a third party. This is
Explanation and discussion
Question 9· Insurance· WAEC
The document that contains the terms of an insurance contract is the
Explanation and discussion
Question 10· Insurance· WAEC
Insurable interest means that the insured
Explanation and discussion
Question 11· Insurance· WAEC
The principle of insurance that requires both parties to disclose all material facts is
Explanation and discussion
Question 12· Insurance· WAEC
Insurance which covers loss of goods at sea is
Explanation and discussion
Question 13· Insurance· WAEC
A life policy that pays a sum at a fixed date or on earlier death is
Explanation and discussion
Question 14· Insurance· WAEC
Fire insurance covers
Explanation and discussion
Question 15· Insurance· WAEC
An insurance broker is
Explanation and discussion
Question 16· Insurance· WAEC
Third-party motor insurance in Nigeria is
Explanation and discussion
Question 17· Insurance· WAEC
The principle of indemnity aims to
Explanation and discussion
Question 18· Insurance· WAEC
The regular payment made by the insured to the insurer is the
Explanation and discussion

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WAEC Commerce questions: Insurance

The amount paid regularly for an insurance policy is the

After compensating a client, the insurer takes over the client's rights against a third party. This is

The principle that prevents an insured person from making a profit from a loss is

Life assurance differs from insurance because

The principle that the insured must disclose all material facts is

The principle that requires the person seeking insurance to disclose all material facts is

Which of these risks cannot be insured?

After paying a claim, an insurer takes over the insured's rights against a third party. This is

The document that contains the terms of an insurance contract is the

Insurable interest means that the insured

The principle of insurance that requires both parties to disclose all material facts is

Insurance which covers loss of goods at sea is

A life policy that pays a sum at a fixed date or on earlier death is

Fire insurance covers

An insurance broker is

Third-party motor insurance in Nigeria is

The principle of indemnity aims to

The regular payment made by the insured to the insurer is the