Business, 22.08.2020 14:01 u8p4

1. Favour just completed her BSc in Accounting but she would like to be an insurance broker in the future. For her to be an insurance broker in Nigeria, she needs write insurance professional exams to qualify her to be an insurance professional. Advice favour the name of the professional insurance exam she has to take in Nigeria and the stages of exams. 2. Leke is a spare parts seller in Mushi market with inadequate knowledge about but love to take an insurance policy for his business. Educate Leke briefly On what you understand by the Principles of insurance.

3. Moyo took a fire insurance policy from January 1st to end in 31st December 2019. On 1st of January 2020 fire occurred. Moyo file a claim report to the insurance company for compensation. Advice moyo if the insurance company will or will not compensate her.

4. Emeka gave his fire insurance premium of #1million cash to Ore an insurance broker with Union insurance to pay. Ore ran away with the money. Who will Emeka own liable?

5. Teslim is a Gambler. He plays bet nija often. He has approach you as an insurance professional to insure his bet. Kindly advice him if his bet can be insured or not.

6. Accounting and other professions make use of historical data as historical data has some predictive ability. Do you think insurance make use of historical data and if they do on what?

7. In universal banking, a bank can run both banking and insurance businesses. Do you think universal banking is still operational in Nigeria today?

8. List and explain the Principles of insurance.

9. Insurance business is divided into life and general insurance businesses. List and explain the types of life assurance and general insurance businesses you know.

10. Distinguish between insurance premium and insurance compensation.
11. John is an employee of Lady Limited and he works from 8am to 5pm. If John has to take an insurance policy to cover him at work place, what kind of insurance policy would you advice him to take base on the types of insurance policy you know.

12. Mrs Kemi bought a house that part of it are use for the storage of fuel. He approaches David an insurance broker to insure the house. David asked her some questions concerning the house but she didn't disclose to David that part of the house is used for fuel storage. What insurance policy Mrs Kemi violated and why?

13. Oke impot some goods from China to Nigeria without insurance coverage. Unfortunately, there heavy storm in the sea, to lighten the ship, Oke containers were jettison. Oke has file a claim to the company he bought the goods for compensation. Advice Oke if he will be compensated or not.

14. Ben was driving his father's car to school. Some Police men stopped him and ask for car documentations. Which car insurance documents is compulsory required by law for Ben to have in the car.

15. Leadway insurance charges 10% of car cost as premium for motor vehicle comprehensive insurance and administrative expenses of #20000. If Josephine paid #120,000 as premium. What is the cost of the vehicle and how many years do you think the premium will cover.

16. In a general insurance, Kelvin insure his laptop against theft. His laptop was stolen 3 months later. What do you think should be the first step Kelvin should take concerning the theft of his laptop.

17. In advance countries, insurance companies are richer than banks. Some insurance companies even own banks but in Nigeria the reverse is the case. What do you think may be the reasons why?

18. Mention the main steps in filing an insurance claim.

19. What do you understand by the term insurance underwriting.

20. Who is an Actuary and why is Actuarial science an important career in Insurance.

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1. Favour just completed her BSc in Accounting but she would like to be an insurance broker in the f...

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