2024 WAEC INSURANCE: 2024 WAEC INSURANCE ESSAY and OBJ ANSWERS (9388)

(1ai)

Jay kay's job loss is insurable

(1aii)

Job insurance insurance provdes financial security in the event of loss of job or income as a result of an illness, accident, or disability.

(1aiii)

Since the company has no insurance covering her employees, Sadauki Industries Limited should register her company with an insurance company. 

(1bi)

General liability insurance: This can cover the medical expenses for a customer who is injured on your premises of the company.

(1bii)

(i) Job insurance: The insured can enhance the coverage benefits with a loss of job cover due to a critical illness or an accident. Some insurance products such as personal accident cover, critical illness cover, etc., have an income loss add-on provision linked to them

(ii) Liability insurance: This provides protection against claims resulting from injuries and damage to people and/or property.

(4a)

Money insurance is an insurance policy that provides cover for loss of money in transit between the insured's premises, bank and other specified places occasioned by robbery, theft or any other fortuitous cause.

(4b)

(i) Postal orders

(ii) Bank and currency notes

(iii) Cheques

(4c)

(i) Cash in Transit: Cash-in-transit (CIT) is a term that is used to describe situations in which actual cash money is in the process of being moved from one status to another

(ii) Cash in Safe/Vault: Money insurenace covers cash safeguarded in the bank valut. Bank vault is a secure space where money, valuables, records, and documents are stored. It is intended to protect their contents from theft.

(iii) Cash in premises: Loss of Money or Cash on Premises cover under money insurance, makes it possible to insure yourself against such losses to ensure your financial stability. Levels of cover vary depending on the nature of your business and the policy you choose to take out, but if money should be stolen you can help to get it back and keep your cash flow moving.

(5)

-[Pick any Five]-

(i) Accelerated death benefit:

This feature allows you to receive cash advances against the death benefit of your policy if you're diagnosed with a terminal illness. Many people with this benefit use the money to help pay for treatment and other expenses when they have only a short time to live.

(ii) Guaranteed purchase option:

With this feature, you can purchase coverage at designated future dates or life events without proving you're in good health. 

(iii) Long-term care riders: 

Some life products include this option, which allows you to use the benefits of your policy to pay for long-term care in exchange for a reduced life benefit.  

(iv) Spouse or child term riders: 

Life policies with this feature allow you to purchase term life insurance for your spouse or dependent child, up to age 26.  This option can be a more affordable way to purchase coverage if you can't afford separate policies.

(v) Cash value plans: 

This type of policy pays out upon your death and also accumulates value during your lifetime.  You can use the cash value as a tax-sheltered investment, as a fund from which you can borrow and use to pay the policy premiums later.

(vi) Cash withdrawals and loans:

Many universal and whole life policies allow you to withdraw or borrow money, using the cash value of the policy as collateral. 'copied from e x p o c o d e . n e t free' Interest rates tend to be relatively low. 

(vii) Employee assistance programs:

This feature makes resources available to you for problems that can affect your personal and professional life.  Resources are usually free and help address issues such as substance abuse, stress, marital problems, legal concerns and major life events.

(6a)

Insurable interest refers to the interest of a person, financial, or otherwise, in obtaining insurance for a person or property. A person or entity has an insurable interest in an item, event or action when the damage or loss of the object would cause a financial loss or other hardships

(6b)

[PICK ANY FOUR]

(i) Declarations

(ii) Insuring agreements

(iii) Definitions

(iv) Conditions

(v) Exclusions

[PICK ANY FOUR]

(i) Declarations: The Declarations or dec page is usually the first page of the policy. It summarizes key information specific to the policy. The dec page shows the insured’s name and address, the policy dates, a brief description of the business, coverages provided, coverage limits, premiums, and the forms applicable to the policy.

(ii) Insuring agreements: The insuring agreements specify what the insurance company has agreed to pay for or to provide in exchange for the premium. Often a policy contains a section clearly marked insuring agreements, although there may be additional agreements buried in the policy.

(iii) Definitions: Insurance policies contain many common words that have special meaning within the context of insurance. The policy identifies these words usually by bold print or quotation marks. Most policies contain a section entitled definitions where they explain the special meaning of the designated 'copied from e x p o c o d e . n e t free' words.

(iv) Conditions: Conditions within an insurance policy qualify the various promises made by the insurance company. The insurer does not promise to cover all losses. The company will impose certain requirements or conditions on the insured, such as premium payment or duties to follow after a

loss.

(v) Exclusions: Every insurance policy has exclusions or policy provisions that eliminate coverage for specified exposures. Exclusions serve as a way to clarify the coverages granted by the policy. Most policies have a section entitled Exclusions. However, an exclusionary provision can be anywhere in the policy. Furthermore, an exclusion may also contain a broadening provision

(7)

-[Pick any five]-

(i) To protect, promote and advance the common interest of Insurers and Reinsurers in Nigeria.

(ii) To advise members on any action or proposed action by Government or any other Authority in connection with any legislation or policy.

(ii) To advise or consult with the Government regarding any act or thing done or being contemplated by it or its Agencies or other statutory bodies with regard to any matter relating to Insurance business.

(iii) To guide and assist members in complying with any statute, regulation, order and Government directive relating generally to the business of Insurance.

(iv) To create better understanding of Insurance by all sections of the community including the furtherance of knowledge and research on Insurance and related matters.

(v) To collect, collate and disseminate statistical, economic and other information relating to Insurance.

(vi) To maintain constant dialogue with other trade Associations in the Insurance industry with a view to fostering good relationships between them as well as the insuring public.