2019/20 WASSCE/WAEC INSURANCE(MAY/JUNE) QUESTIONS AND ANSWERS BY COOLBOY

*OBJ*
*INSURANCE*
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1-10 - BBCADDBBAD
11-20-AAACCDBDAC
21-30-DBADDCCADD
31-40-CCACBADCAD
41-50-BACDAADCBA

COMPLETED!!
good luck✔✔


INSURANCE:


2a)
The contribution principle governs relationships between insurance companies. The contribution principle in insurance is a rule that specifies what happens when a person buys insurance from multiple companies to cover the same event, and that event occurs.


(3)
(i) Subject matter: There must be some subject matter to insure such as property, life or life. In fire insurance the subject matter of insurance can be buildings, stock or machinery; under a liability policy, it can be a person’s legal liability for injury or damage; with a life policy, the subject matter of insurance is the life being assured; in marine insurance, it can be the ship, its cargo or the ship owners, legal liability to third parties for injury or damage.
(ii) Legalisation:  The insured must have some legally recognized relationship with the subject matter insured.
(iii) Insurance benefit: The insured must be benefited by the safety of the subject matter and he should suffer if the subject matter is lost, damaged or destroyed.
(iv) Recognised entity: The subject matter must be definite and should be recognized easily.
(v) Measurability: The subject matter should be measured in terms of money.


4b)
~Auto insurance
-Life insurance
- Health insurance
-Long-Term Disability Coverage
4b

nsurance against consequences of an accident (including industrial injuries and occupational illnesses), in the event of death or health disorder as a result of an injury, covers:
Payment of the insured amount in a single full amount;
Payment of the insured amount in installments;
Combination of payments referred to in the previous two cases;
Payment against injury, health deterioration or death of passengers.

2) Health Insurance shall cover services not covered by the mandatory health insurance:
Lump sum payment of disability claim;
Reimbursement of hospital treatment costs;
Combination of payments referred to in the previous two cases;

3) Insurance of motor vehicles (comprehensive) shall cover claims for:
Self-propelled motor vehicles, other than railway rolling stock vehicles;
Trailer vehicles.

4) Insurance of railway rolling stock vehicles (comprehensive) shall cover claims incurred to railway rolling stock vehicles.

5) Insurance of aircrafts (comprehensive) shall cover claims incurred to aircrafts.