CORRECT: 2024 WAEC INSURANCE ANSWERS (OBJ & ESSAY) - NoniExpo

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CORRECT: 2024 WAEC INSURANCE ANSWERS (OBJ & ESSAY) (Opened )
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By: Chidusky / Posted: 02nd June 2024 / Views: 992

Waec Insurance 2024 Answers, waec Insurance alternative B answers 2024, Waec Insurance 2024 question, Waec 2024 Insurance Essay and obj Answers, Insurance waec 2024, Here is the only legitimate website where can get the 100% Verified Waec 2024 Insurance Answers.  and also have the chance to score A's , B's and C's in this ongoing Waec 2024 Insurance Examination. We Assure you of getting the waec Insurance questions and answers 2024  on time, only those that subscribed. WE DONT SCAM, ONLY A TRIAL WILL CONVINCE YOU


 

INSURANCE OBJ:
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11-20: CDDBBCDBDD
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31-40: CDCDBBCABA
41-50: CBDDBCDBAA



(1a)
(i) Insurable interest: Mr. Jamiu has an insurable interest in the property because he is the owner and has a financial interest in it.
(ii) Indemnity: The insurance policy aims to restore Mr. Jamiu to his pre-loss state by covering the damages to the building.

(1bi)
The cause of the loss was the negligence of Mr. Jamiu in not switching off the gas cylinder properly, which led to the gas explosion when Moji lit a candle.

(1bii)
The sum insured (N4,500,000) is less than the value of the property (N5,040,000). This means that Mr. Jamiu is underinsured, and the insurance company will only pay a proportion of the claim based on the sum insured.

(1ci)
Premium payable = N4,500,000 x 0.35% = N15,750 (before discount)

Premium payable = N15,750 - (5% of N15,750)
= N15,750 - N787.50
= N14,962.50

(1cii)
The amount payable is the amount of damage, which is N500,000. However, since the sum insured is N4,590,000, which is greater than the damage amount, the insurer will pay the full amount of N500,000.

 




(2a)
Theft insurance is a type of insurance policy that provides financial protection against losses incurred due to theft. It covers the insured property, such as personal belongings, business assets, or vehicles, against theft, burglary, and in some cases, vandalism.

(2b)
(PICK ANY THREE)
(i) Residential Buildings
(ii) Commercial Buildings
(iii) Personal Belongings
(iv) Business Equipment
(v) Stock and Inventory
(vi) Structural Improvements

(2c)
(PICK ANY THREE)
(i) Individual Policy: This type of policy covers an individual employee against whom the employer may have specific concerns regarding fidelity. It is tailored to provide protection against acts of dishonesty committed by that particular employee.

(ii) Collective Policy: A collective policy covers a group of employees, such as all employees in a specific department or all employees performing similar functions. This type of policy provides blanket coverage for multiple employees under one contract.

(iii) Position Policy: This policy covers the risks associated with specific positions within an organization rather than individual employees. If an employee holding a certain position commits a fraudulent act, the insurance provides coverage regardless of who occupies that position.

(iv) Blanket Policy: A blanket policy offers comprehensive coverage for all employees of an organization without specifying individual names or positions. It is designed to provide wide-ranging protection against losses due to dishonest acts by any employee.

(v) Floating Policy: A floating policy sets a maximum liability limit that can be applied to any loss or combination of losses caused by any employee within the insured group. This type of policy offers flexibility as the coverage amount can float and be allocated as needed across multiple claims.

 




(3a)
(i) Insurance Company:
An insurance company is a business organization that pools and manages risk by providing insurance policies to individuals, businesses, and organizations.

(ii) Insurance Buyer:
An insurance buyer is an individual or organization that purchases an insurance policy to transfer risk to the insurance company.

(iii) Insurance Intermediaries:
Insurance intermediaries are individuals or organizations that facilitate the sale of insurance policies between insurance companies and buyers.

(3b)
(PICK ANY THREE)
(i) Perils of the Sea: This is a risk covered due to damage or loss caused by natural disasters such as storms, typhoons, floods, earthquakes and other weather-related events.

(ii) Fire: This is a risk covered due to damage or loss caused by Fire, Explosion, Lightning.

(iii) Collision: This is a risk covered due to damage or loss caused by collisions with other vessels, collisions with objects (e.g., reefs, rocks) or collisions with the shore

(iv) Theft: This is a risk covered due to theft or pilferage of Cargo, Vessel, Equipment.


OR


(3a)
(i) Insurance company (Insurer): An insurance company is an organization that assumes the risk and provides financial protection to policyholders in exchange for premiums.
(ii) Insurance buyer (Policyholder): An individual or entity that purchases an insurance policy to transfer their risk to the insurer.
(iii) Insurance intermediaries (Broker/Agent): Intermediaries connect policyholders with insurers, facilitating the purchase and sale of insurance policies.

(3b)
(i)Perils of the Sea (e.g., shipwreck, collision, sinking): Covers damages or losses caused by sea-related events.
(ii)Fire and Explosion: Covers damages or losses caused by fire or explosion on board the vessel or in the cargo.
(iii)Theft, Pilferage, and Non-Delivery: Covers losses due to theft, pilferage (partial theft), or non-delivery of cargo.

 




(4a)
(PICK ANY THREE)
(i) The proposer does not need to disclose facts that are common knowledge, such as legal requirements or laws.

(ii) The proposer does not need to disclose facts that the insurer already knows or should reasonably know through their own expertise and experience.

(iii) The proposer is not required to disclose any information that would decrease the insurer’s risk in the context of the policy.

(iv) The proposer does not need to disclose personal opinions or beliefs, as these are subjective and not factual information

(v) Any facts that the insurer has specifically stated do not need to be disclosed or has waived the requirement for disclosure.

(4b)
(PICK ANY THREE)
(i) Risk Transfer: Insurance allows individuals and businesses to transfer the financial risk of potential losses to an insurance company in exchange for a premium. This provides a sense of security and stability.
(ii) Pooling of Risks:
Insurance companies pool the premiums of many policyholders to pay for the losses incurred by a few. This spreading of risk among many policyholders reduces the financial impact on any single member.
(iii) Indemnification: Insurance provides compensation to policyholders who suffer a loss, restoring them to their financial position before the loss occurred. This function ensures that policyholders do not suffer undue financial hardship.
(iv) Loss Prevention and Reduction: Insurance companies often promote loss prevention and risk management strategies to reduce the incidence and severity of losses, benefiting both the insurer and the insured.
(v) Capital Formation: By collecting premiums, insurance companies accumulate large sums of money which can be invested in various projects, contributing to economic development and capital formation.
(vi) Encouragement of Savings: Certain types of insurance policies, such as endowment and whole life policies, encourage savings by building a cash value over time which policyholders can benefit from.

 

OR
 

(4a)
(i)Facts already known to the insurer: If the insurer already has knowledge of a particular fact, the proposer is not required to disclose it.
(ii)Facts that reduce the risk: If a fact would actually reduce the risk or premium, the proposer is not required to disclose it.
(iii)Facts that are irrelevant: If a fact is not relevant to the risk or premium, the proposer is not required to disclose it.

(4b)
(i)Risk Transfer: Insurance transfers the risk from the policyholder to the insurer, providing financial protection against unforeseen events.
(ii)Risk Pooling: Insurance allows for risk pooling, where the premiums from many policyholders are combined to cover the losses of a few, spreading the risk and making it more manageable.
(ii)Risk Reduction: Insurance encourages risk reduction by providing incentives for policyholders to take precautions and mitigate potential losses, such as installing security systems or maintaining property.

 




(5a)
(i)Ordinary Endowment Policy: Provides a lump sum payment at the end of the policy term or on death.
(ii)Endowment with Profits Policy: Pays a bonus in addition to the sum assured, based on the insurer’s profits.
(iii)Unit-Linked Endowment Policy: Invests premiums in a fund, and the payout is based on the unit value.
(iv)Low-Cost Endowment Policy: Has lower premiums and lower returns, designed for long-term savings.
(v)Flexible Endowment Policy: Allows flexibility in premium payments, sum assured, or policy term.

(5b)
(i)Age: The younger the policyholder, the lower the premium.
(ii)Sum Assured: The higher the sum assured, the higher the premium.
(iii)Policy Term: Longer policy terms result in higher premiums.
(iv)Interest Rate: The higher the interest rate, the lower the premium.
(v)Risk Profile: Policyholders with a higher risk profile (e.g., smokers or those with health conditions) pay higher premiums.

 




(6a)
(i)Flexibility: Facultative reinsurance allows the insurer to select specific risks to cede to the reinsurer, providing flexibility in risk management.
(ii)Customization: Facultative reinsurance can be tailored to meet the specific needs of the insurer, allowing for customization of coverage and terms.
(iii)Cost-effectiveness: Facultative reinsurance can be more cost-effective than treaty reinsurance, as the insurer only pays for the specific risks ceded to the reinsurers.

(6b)
(i) Hazard: A hazard is a situation or condition that increases the likelihood of a loss or damage. Example: A house located in a flood-prone area has a hazard (flood risk) that may lead to damage or loss.
(ii) (Not mentioned in the question, but I’ll answer it anyway!) Premium: The premium is the amount paid by the policyholder to purchase an insurance policy. Example: Mr. X pays an annual premium of $1,000 to maintain his health insurance policy.
(iii) Subject matter of insurance: The subject matter of insurance refers to the specific item, property, or risk being insured. Example: In a fire insurance policy, the subject matter of insurance is the building or property being protected against fire damage.

 




(7a)
Engineering insurance is a type of insurance that covers risks associated with engineering projects, construction, and installation of machinery and equipment.

(7b)
(i) Excess is a deductible amount that the insured must bear before the insurer pays the claim.

(ii) Warranty is a promise or guarantee made by the manufacturer or supplier that a product or equipment will perform as expected or meet certain standards.

(7c)
(PICK ANY THREE)
(i) Machinery Breakdown Insurance: Covers sudden and unforeseen damage to machinery and equipment, including electrical and mechanical failures.

(ii) Contractors’ All Risks Insurance: Covers contractors against damage to property, equipment, and third-party liability during construction projects.

(iii) Erection All Risks Insurance: Covers the risk of damage to equipment and machinery during installation, erection, and testing.

(iv) Electronic Equipment Insurance: Covers electronic equipment against damage, breakdown, and malfunction.

(v) Plant All Risks Insurance: Covers plant and machinery against damage, breakdown, and malfunction, including mechanical and electrical failures.

 

OR


(7a)
Engineering insurance refers to a type of insurance that covers risks related to engineering projects, construction, and infrastructure development. It provides financial protection against damages, losses, and liabilities arising from engineering-related activities.

(7b)
(i) Excess: In insurance, excess refers to the amount of money that the policyholder must pay out of pocket before the insurance coverage kicks in. It is also known as a deductible.
(ii) Warranty: A warranty is a condition or promise in an insurance policy that must be fulfilled by the policyholder. If the warranty is not met, the insurer may void the policy or refuse to pay claims.

(7c)
(i)Construction All Risks (CAR) insurance: Covers damages to buildings, structures, and projects during construction, including materials, equipment, and labor.
(ii)Machinery Breakdown Insurance (MBI): Covers damages to machinery and equipment due to sudden and unforeseen events, such as mechanical failure or electrical breakdown.
(iii)Electronic Equipment Insurance (EEI): Covers damages to electronic equipment, such as computers, servers, and other electronic devices, due to various risks, including mechanical failure, electrical failure, and software corruption.

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