NECO 2021 free Insurance Questions and Answers - getviewudates
2 minute read
NECO 2021 free Insurance Questions and Answers
INSURANCE OBJ
CHECK BACK LATER
°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°
INSURANCE ESSAY
(3a)
A claim form is a request to an insurance company for payment relating to an accident, illness, damage to property, etc.
(3b)
(i)Avoid concealment and misrepresentation,
(ii)Report loss or damage to the authorities,
(iii)Provide notice of claim to the insurer
(iv)Provide proof of loss to the insurer
EXPLANATION
°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°
(5a)
Proposal form is the most important and basic document required for life insurance contract between the insured and the insurance company.
(5b)
(i)Puts the needs of the client first
(ii)Good customer service
(iii) Emotional intelligence
(iv)Personality and Reliance
(v) Persistence
(vi) Honesty
(vii)Product Knowledge
(viii)Technical know-how.
(5c)
Insurance agent is a person who represents an insurance firm and sells insurance policies on its behalf. On the other hand, there are captive agents who are exclusively employed by a particular insurance firm and sell policies of the same.
(5d)
(i)Problem-solver
(ii)Passionate
(iii)Communication Skills
(iv)Self-motivated
°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°
(6)
(i) Risk Minimization by Spreading.
(ii) Risk Transfer.
(iii)Flexibility.
(iv) Accumulation.
(v) Development.
(i) Risk Minimization by Spreading;
The fundamental concept of insurance is to spread the risk over as wider an area as possible to reduce the burden of loss at each stage. Reinsurance enables risk to be scattered over a much wider area, and the principle of insurance is taken good care of. This really helps in the ultimate viability of the rance operation.
(ii) Risk Transfer;
To an insurer, the need for reinsurance protection arises in the same way as the insured needs insurance protection. But for reinsurance, the business of insurance would not have developed to the extent of the present-day growth.
(iii) Flexibility;
In the absence of reinsurance, insurers would have been bound to limit their acceptance of risk only up to such an amount that they could digest. Reinsurance gives insurers flexibility by creating a condition that enables them to accept a risk beyond their financial capacity or resources.
(iv) Development;
An insurance company’s growth is particularly dependent on sound financial standing, which is primarily based on the stability of profit and loss. Profit cannot be expected if there is an untoward charge on the fund through a claim that it cannot sustain or for which there is no provision. Reinsurance tends to stabilize profits and losses and permits more rapid growth of an insurance company.
(v) Accumulation;
Reinsurance reduces the possibility of getting involved in an undesirable additional risk-load, which is otherwise eminent from the accumulation of risks from different sources such as Heavy commitment on the cargoes of the same vessel, Heavy commitment on the cargoes lying in the same port possibly because of the arrival of all vessels at the same time and the heavy commitment of an insurer on the property of a particular hazardous locality from the viewpoint of fire or conflagration fire.
(7a)Fidelity guarantee insurance (FGI) exists to safeguard your firm or organisation against theft of the firm's own money, securities or property by an employee, partner, contractor or volunteer. FGI can also be known as first-party fraud, theft or employee dishonesty cover.
KEEP REFRESHING PAGE
On How To Get Your Live Question And Answer before Exam.
Post a Comment