TMA1/ENT121

My TMA Home TMA Results My Pending TMA Quick Help TMA Quiz Questions TMA: TMA1/ENT121 Matric Number:  score=9.00 ENT121 - Principles & Practice of Insurance Ms Ume Eucharia (euume@noun.edu.ng ) 1 Contributory pension scheme is Status quo Government compensation for working life Pooling resources towards end of work compensation Contributing to end time salaries 2 Annuity due contract commences at Beginning of period Future date Never Sometimes 3 TEPs are Low cost endowment Endowments that ensures future growth Enable investors to buy unwanted endowment policies Endowments used for tax shelters 4 Encashment or surrender value during adverse investment conditions suffers Loss of capital Market value adjustment Low cash value Inflation 5 A life cover where the pay period is a large payment up from is Limited pay Economic Single premium Participating 6 A life policy is fully paid by 30 to 40 40 to 50 55 to 60 65 to 80 7 Charged premium on a life cover is Equivalent to Indemnity Vary from 0 to 10% Never exceed maximum guaranteed in policy Very low 8 I whole life assurance insurer takes responsibility for All risks Partial risks Death risk Actuarial liabilities 9 Term assurance is taken for Whole life At time of illness 20 years period A term at school 10 Insurance cover for requirement for long term care is Car insurance Type A insurance Life insurance Requirement policy 11 CAR is a policy taken for Generators Compressors Stadiums Transformers 12 Workers compensation claims for the 8th after injury or damage is 10% 25% 50% 100% 13 Duration of cover for freighted cargo is 30 days 60 days 90 days 100 days 14 An institute cargo clause "B" covers Fire or explosive losses Loss overboard Discharge of cargo at port of distress General average sacrifice 15 The main reason for taking up an insurance policy is Indemnity Non-monetary Money Status symbol 16 A life insurance policy is based on Status Health conditions Age Work experience 17 In a car accident situation involving two parties with third party insurance, each party makes claim to Own insurance company Other insurance company Third part Vehicle licensing office 18 Insurance business related to death claims is classified as Motor vehicles insurance Miscellaneous insurance General accident insurance Fire insurance 19 Insurance business developed due to Need to cover properties Ingenious ideas of actuaries Frequency of losses in business Industrial revolution 20 Insurance cover are meant for Car owners Business premises All things General merchandise