If you are a candidate seeking WAEC Insurance Questions and Answers for 2023, you have arrived at the right place as we will break them down for you. We will go further to show you how WAEC Insurance questions are set and the best way to answer for full marks.

WAEC Insurance Questions and Answers

The West African Senior School Certificate Examination (WASSCE) is organized by WAEC in West African countries. The exam boasts millions of candidates each year due to its importance and over 15 subjects are sat for in the exams including Insurance. That being said, let’s go through the questions and answers for the subject at hand.

WAEC Insurance Questions and Answers 2022/2023

 WAEC Insurance Question – Objective

(1) What is a document provided by an insurer that provides the insured with temporary protection?
A. affirmation
B certificate
C. proposal form
D. cover note

(2) The insured’s financial interest in an insurance policy is the
A. the subject of insurance
B. the contract’s subject matter
C. the contract’s assignment
D. the contract’s deed

(3) In a circumstance involving, is a full refund of premiums paid for an insurance contract applicable?
A. buy two policies
B. Coverage decrease
C. Lack of Cooperation
D. monetary hardship

(4) In the case of a claim settlement, one of the stages followed by insurance is to?
A. Look into the incident.
B. Identify the danger
C. make a statement
D. appoint a loss examiner.

(5) Insurers can deal with a risk that will be judged substandard in the future.
(i) premium loading; (ii) double insurance; and (iii) excess levy
I and II of A.
I and III, part B
II and III of C

(6) Non-indemnity insurance products are often known as liability insurance.
A. insurance policies.
B. profit-oriented policies
C. policies relating to non-profit organizations
D Non-benefit policies are a type of non-benefit policy

(7) insurer XYZ is covered by reinsurers I, J, K, and L for two lines of surplus treaty reinsurance with a retention maximum of N120,000. If all reinsurers share the risk equally and the sum insured is N360,000, what is the amount of cession for reinsurer K?
A. N45,000
B. N60,000
C. N90,000
D. N120,000

(8) Marine cargo insurance compensates the insured in the event of a loss of?
A. vessel
B. container
C. Consignment
D. transport

(9) When an insured reaches the age of 70, he arranges for his premium payments to stop. This is a policy that covers you for the rest of your life.
(A) premium payment for an indefinite period of time
(B) a premium payment cap
(C). payment of a single premium
(D). a new premium payment system

(10) What is the length of time a proposer is required to make amendments to a life insurance contract?
A. grace period
B. cooling-off period
C. rectification
D. approval

(11) Who was the first to provide modern insurance to Nigeria?
A. Merchants from the United States
B. British traders
C. French merchants
D. Portuguese merchants

(12) Insurers consider the use of gas burners for cutting and welding to be risky.
A. a positive morale risk
B. a physical hazard that is favorable
C. a potential source of low morale
D. a dangerous physical condition

(13) What is the manner of paying premiums in a life insurance contract where the premium payable rises as the age of the policyholder rise?
A. premium natural
B. premium level
C. premium for a risk
D. premium pure

(14) The creditor’s right to make an insurance contract on the life of a debtor is?
A. utmost good faith
B. proximate cause
C. insurable interest
D. contribution

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Section – B (Theory)

Use the following information to answer the question below.
1. Basanya’s vehicle was hit at the rear by jaguna’s vehicle. The two vehicles had a minimum cover. estimate of repairs were as follows; Basanya’s vehicle – N155,000; jaguna’s vehicle- N75,000. The effect of the minimum coverage on the two vehicles is the?

2. Musa lent Obinna the sum of N2,000,000 in February 2015 which he promised to pay back at the end of the year. Musa decided to effect a life policy on Obinna for a sum of N20,000. The peril insured against Musa is?

DISCLAIMER! These are not real WAEC GCE Insurance questions but likely repeated questions over the years to help candidates understand the nature of their examinations. Ensure to take note of every question provided on this page.

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Checkout out other unique articles on our blog for more detailed information and do well to share with your friends and family. Follow us on our Twitter and Facebook to stay updated with premium information.