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*INSURANCE*
*NUMBER TWO*
*INSURANCE*
(1a)
The proximate cause of the accident was the presence of the heap of sand on the road, which led to the driver swerving and colliding with the road divider and Mr. Okuku.
(1bi)
The driver, Mr. Olu, was at fault.
(1bii)
Mr. Olu was at fault because he failed to exercise due care and attention while driving.
(1ci)
Comprehensive Motor Insurance policy
(1cii)
Workmen's Compensation Insurance policy
(1di)
Sick Leave Benefit
(1dii) Permanent Disability Benefit
(1e)
Contractor's All Risk (CAR) Insurance policyoss.
(2ai)
Insurable interest refers to an individual or entity having a financial stake or relationship to an insured item or person. It is the basis on which insurance contracts are designed and insured parties are identified as being eligible for coverage.
(2aii)
[PICK ANY THREE]
(i) Legitimate interest: The interest must not be frivolous or fictional, it must be a true relationship that has some degree of financial value.
(ii) Legal and valid: The interest must be legal and valid and the insurer must be able to demonstrate tangible evidence of such an interest.
(iii) Relevant and measurable: The interest must be measurable and relevant, it should not be speculative or vague.
(iv) Continuous: The interest must exist continuously throughout the duration of the policy period.
(v) At the time of loss: The interest must exist at the time of the loss or damage.
(vi) Direct or indirect interest: The interest can be direct or indirect; it can be related to either property or person.
(vii) Financial protection: The interest should provide financial protection against a potential loss or damage.
(2b)
[PICK ANY THREE]
(i) Fortuitous: The risk must be accidental or unintended. It should not be a predictable event.
(ii) Definite and determinable: The risk should be definite and determinable in terms of time place and extent of the loss or damage.
(iii) Large number of homogeneous risks: The risk should involve a large number of people exposed to the same risk.
(iv) Calculable probability: The probability of the risk occurring and the cost of loss or damage should be calculable and based on statistical data.
(v) Not catastrophic: The risk should not be catastrophic or result in a massive loss that would threaten the stability of the insurance company.
(vi) Adverse selection: The risk should be such that the insured party is not prone to engage in adverse selection i.e choosing to purchase insurance only when they anticipate a loss.
(vii) Affordable premiums: The premiums should be affordable and reasonable for the insured party.
*INSURANCE*
*NUMBER FOUR*
(4a)
Endorsements: Endorsements are changes made in the terms and conditions of an existing insurance policy. An endorsement can be used to add or remove coverage change the policyholder's name or address modify the sum insured or make any other changes that reflect the changing needs of the policyholder.
(4b)
Ex-gratia payment: Ex-gratia payments are payments made by an insurer without the insurer having any legal liability to do so. In simpler terms an ex-gratia payment is a payment made to the policyholder as a gesture of goodwill.
(4c)
Subject matter of insurance: The subject matter of insurance is the object or thing being insured. It refers to the specific property or interest being covered by the insurance policy. For example in car insurance the subject matter of insurance is the car being insured.
(4d)
Hazard: Hazard refers to a condition or situation that increases the probability of loss or damage to the subject matter being insured. Hazards can make the subject matter of insurance riskier and more likely to suffer damage or loss.
(4e)
Days of grace: Days of grace refer to the additional time given to the policyholder to pay the premium after the due date has passed. It is a grace period provided by the insurer to ensure that the policy remains in force even if the premium is not paid on the due date.
*INSURANCE*
(6a)
Reinsurance is a process in which insurance companies transfer a portion of their risk to other insurance companies, known as reinsurers.
(6bi)
(PICK ANY THREE)
(i) Insurance allows individuals to transfer the financial risk of potential losses to an insurance company.
(ii) Insurance provides financial security to individuals by compensating them for covered losses.
(iii) Having insurance coverage gives individuals peace of mind, knowing that they are protected against potential losses.
(iv) Health insurance is a type of insurance that provides coverage for medical expenses.
(v) Some types of insurance, such as life insurance and annuities, offer individuals long term savings and investments.
(6bii)
(PICK ANY THREE)
(i) Insurance offers financial protection to individuals and businesses against unexpected events.
(ii) Insurance plays a vital role in managing risks in society.
(iii) Insurance encourages investment and economic growth.
(iv) Insurance enhances peace of mind in the society.
(v) Insurance plays a crucial role in ensuring social welfare and stability.
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