2024 NECO INSURANCE: 2024 NECO INSURANCE ANSWESR (4959)

INSURANCE OBJ
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Welcome to official 2024 Insurance NECO answer page. We provide 2024 Insurance NECO Questions and Answers on Essay, Theory, OBJ midnight before the exam, this is verified & correct NECO insurance Expo. NECO Insurance Questions and Answers 2024. NECO insurance Expo for Theory & Objective (OBJ) PDF: verified & correct expo Solved Solutions, 2024 NECO INSURANCE ANSWESR. 2024 NECO EXAM Insurance Questions and Answers

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(1a)
Proximate Cause is the actions of the person (or entity) who owes you a duty must be sufficiently related to your injuries such that the law considers the person to have caused your injuries in a legal sense.

(1b)
(i) To provide platform for members to maximize their potentials using relevant trainings, information technology and synergies to attain the objectives of the Council.
(ii) To have a functional Secretariat equipped to deliver effective and qualitative services to member companies and other stakeholders.
(iii) Integrating the Area Committees and Chapters to serve as effective functional platforms for members.
(iv) To improve Councils lobby to government and advocacy on relevant issues concerning insurance.
(v) To develop suitable professional curriculum for training, education, examination and award of the NCRIB Diploma.
(vi) To have a library system that will facilitate the dissemination of continuous knowledge and research.
(vii) To attract, retrain, reward and retain competent workforce and management at the Secretariat.
(viii) To fully affirm the provisions of the NCRIB Charter

(1c)
(i) There must be a large number of exposure units.
(ii) The loss must be accidental and unintentional.
(iii) The loss must be determinable
(iv) The loss must be measurable.
(v) The loss should not be catastrophic.
(vi) The chance of loss must be calculable.
(vii) The premium must be economically feasible.
(viii) The loss must be fortuitous
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(3i)
Unit Linked Endowment Policy: There is no fixed amount promised at the time of policy maturity in this policy. The time period of policy and mortgage period are equal.

(3ii)
Traded Endowment Policy: This can be well understood as a second hand endowment policy. Here the policy buyer purchases the policy at a price higher than the surrender value offered by the insurance firm because the policy will for sure fetch the buyer a higher amount at the time of maturity.

(3iii)
Low Cost Endowment Policy: This policy is a combination of traditional with profits endowment, where estimated growth rate will meet the mortgage amount and reducing term assures that the target mortgage amount is paid as minimum in case policy holder dies.

(3iv)
Non profit Endowment Policy: In non profit endowment policy, a lump sum amount is promised to be paid at the time of maturity or on death of the policy holder whichever is earlier.

(3v)
Traditional with profits Endowments: This policy assures a sum of money that will be paid at the time of maturity or death of the policy holder. The amount of the policy increases as the policy holder gets regular / reversionary bonuses.

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(4a)
Insurance contract is a document representing the agreement between an insurance company and the insured. Central to any insurance contract is the insuring agreement, which specifies the risks that are covered, the limits of the policy, and the term of the policy.

(4b)
(i)Private Car Insurance
(ii)Commercial Vehicle Insurance
(iii)Two Wheeler Insurance
(iv)Third party insurance

(i) Private Car Insurance: Private CAR INSURANCE should be first thing to be
taken after purchasing a Car. A financial safeguard for a large variety of situations, Private Car Insurance is one of the most important purchases to make. Whether it is a natural disaster such as an earthquake or flood; or somebody damages or steals the car, a Car Insurance takes care of it all.

(ii) Commercial Vehicle Insurance: To keep the business going, it is imperative for business owners to have the vehicles owned by them insured. General insurance providers offer packaged COMMERCIAL VEHICLE INSURANCE policies which protect businesses from potential financial loss
to the vehicle arising out of accidental loss or damage, the legal liability
towards third-parties for bodily injury, death or property damage on account of any accident involving the vehicle.

(iii) Two Wheeler Insurance: As soon as you purchase a two wheeler, getting
TWO WHEELER INSURANCE is a mandatory requirement as per the Motor Vehicles Act 1988 and Motor Vehicle Amendment Act 2019. It provides coverage for from any financial loss to the vehicle due to accidental loss or damage, the legal liability towards third-parties in event of bodily injury, death or property damage. It also offers coverage in event of damage due to natural calamities or man-made events.

(iv) Third-Party insurance: Third-party insurance is one of the most common types of vehicle insurance; in which only damages & losses caused to a third-party person, vehicle or property are covered.
 

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(6i)
Plant All Risk Insurance: This Recall how we made reference to ‘machinery and plant usage’ in our definition of Engineering Insurance? Simply put, this insurance policy is streamlined to cater to loss and unforeseen damages of operational tools. Construction equipment and operational machinery are susceptible to wear and tear due to their exposure to extreme environmental conditions.

(6ii)
Contractor’s All Risk: Cover You guessed right with the title and its description it covers contractors and provides financial protection against damage or loss incurred during construction projects. Like the other forms of Engineering Insurance we have described, the Contractor’s All Risk Cover provides cover against loss or damage to plants and equipment.

(6iii)
Erection All Risk: Here, the risk covered deals with the erection of machinery or plant structures. Other than it includes, installation activities, commissioning and testing of machinery. The context of the equipment we have been describing since inception is engineering-inclined as we have initially established.

(6iv)
Machine Breakdown Policy: As the name implies, the Machine Breakdown Policy provides cover losses for sudden or unexpected damage of equipment especially while they’re still in use. Both internal and external damages are covered in the Machine Breakdown Policy. Some of these internal damages could include lubrication defects, electrical damage, overheating and the like.

(6v)
Boiler and pressure vessel: This type of insurance provides protection against the dangers of explosion and collapse of boilers and pressure vessels. The policy is widespread in markets influenced by the United Kingdom. It is not so well known in other markets where cover is more often provided by way of a Machinery Breakdown and Fire policy. The cover embraces material damage to boilers and pressure vessels. In addition, it includes cover for material damage to other property belonging to the insured, third party property damage, and fatal or non-fatal injuries to third parties not employed by the insured
 

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(7a)
Business interruption insurance, also known as business income insurance, is defined as a form of insurance that covers lost income when your business temporarily closes due to a fire, natural disaster, or other covered incident.

(7b)
(Choose any four)
(i)Voyage Policy.
(ii)Time Policy.
(iii)Mixed Policy.
(iv)Open (or) Unvalued Policy.
(v)Valued Policy.
(vi)Port Risk Policy.
(vii)Wager Policy.

(Choose any three)
(i) Voyage Policy: A voyage policy is that kind of marine insurance policy which is valid for a particular voyage.
(ii) Time Policy: A marine insurance policy which is valid for a specified time period – generally valid for a year – is classified as a time policy.
(iii) Mixed Policy: A marine insurance policy which offers a client the benefit of both time and voyage policy is recognized as a mixed policy.
(iv )Open (or) Unvalued Policy: In this type of marine insurance policy, the value of the cargo and consignment is not put down in the policy beforehand. Therefore reimbursement is done only after the loss of the cargo and consignment is inspected and valued.
(v) Valued Policy: A valued marine insurance policy is the opposite of an open marine insurance policy. In this type of policy, the value of the cargo and consignment is ascertained and is mentioned in the policy document beforehand thus making clear about the value of the reimbursements in case of any loss to the cargo and consignment.
(vi) Port Risk Policy: This kind of marine insurance policy is taken out in order to ensure the safety of the ship while it is stationed in a port.
(vii) Wager Policy: A wager policy is one where there are no fixed terms for reimbursements mentioned. If the insurance company finds the damages worth the claim then the reimbursements are provided, else there is no compensation offered. Also, it has to be noted that a wager policy is not a written insurance policy and as such is not valid in a court of law.

(7c)
(Choose any four)
(i) Kind of risk involved
(ii) Type of property to be insured
(iii) Content of the property
(iv) Occupational hazards
(v) Exposure hazards
(vi) Time element

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