Insurance waec past questions and answers

Insurance waec past questions and answers

What type of insurance typically covers damage to your car caused by a collision?

A) Health insurance

B) Home insurance

C) Auto insurance (Correct)

D) Life insurance

Which insurance type provides coverage for medical and hospital expenses?

A) Auto insurance

B) Health insurance (Correct)

C) Travel insurance

D) Disability insurance

What does homeowner's insurance primarily cover?

A) Car damage

B) Theft of personal belongings

C) Loss of income

D) Property damage and liability (Correct)

Which insurance type often includes coverage for liability, dwelling, and personal property?

A) Renter's insurance

B) Homeowner's insurance (Correct)

C) Flood insurance

D) Earthquake insurance

What is a deductible in insurance terms?

A) The total amount of coverage

B) The amount you pay out of pocket before insurance kicks in (Correct)

C) The premium amount

D) The policy limit

What type of insurance provides income replacement if you're unable to work due to an injury or illness?

A) Life insurance

B) Health insurance

C) Disability insurance (Correct)

D) Long-term care insurance

Which insurance might cover a lost engagement ring?

A) Homeowner's insurance (Correct)

B) Auto insurance

C) Renter's insurance

D) Travel insurance

What does term life insurance provide?

A) Lifetime coverage

B) Coverage for a specific term or period (Correct)

C) Investment options

D) Cash value accumulation

What does comprehensive auto insurance typically cover?

A) Damage caused by collision (Correct)

B) Personal injury liability

C) Theft and non-collision damage

D) Vehicle breakdowns

Which insurance covers damage or loss to a rented apartment's contents?

A) Homeowner's insurance

B) Renter's insurance (Correct)

C) Landlord's insurance

D) Personal liability insurance

What does liability coverage in auto insurance typically cover?

A) Damage to your vehicle

B) Medical expenses of others if you're at fault (Correct)

C) Theft of personal belongings

D) Rental car expenses

Which insurance type generally covers damage to the structure of a building due to earthquakes?

A) Flood insurance

B) Homeowner's insurance with earthquake endorsement (Correct)

C) Earthquake insurance

D) Renter's insurance

What does a 'riders' or 'endorsements' mean in insurance terms?

A) Additional coverage added to a policy (Correct)

B) Insurance agent's commission

C) Policy renewal

D) A type of deductible

What's the purpose of an insurance premium?

A) The amount paid to the insurance company for coverage (Correct)

B) The coverage limit

C) The deductible amount

D) The amount refunded in case of no claims

What does the term "co-pay" refer to in health insurance?

A) The total amount covered by insurance

B) The percentage of medical expenses covered by insurance

C) The amount paid by the insured at each medical visit (Correct)

D) The annual insurance limit

Which insurance typically covers liability if someone gets injured on your property?

A) Auto insurance

B) Renter's insurance

C) Homeowner's insurance (Correct)

D) Health insurance

What does "exclusion" mean in an insurance policy?

A) A specific risk covered by the policy

B) Situations where coverage is not provided (Correct)

C) The deductible amount

D) The policy limit

Which insurance typically covers damage caused by water leaking from a burst pipe in your home?

A) Homeowner's insurance (Correct)

B) Flood insurance

C) Earthquake insurance

D) Renter's insurance

What's the main purpose of underwriting in insurance?

A) Calculating premiums

B) Evaluating risk and setting terms (Correct)

C) Paying claims

D) Marketing insurance policies

What does "claim adjuster" do in the insurance process?

A) Sells insurance policies

B) Investigates and settles claims (Correct)

C) Sets premium rates

D) Processes policy renewals