TMA2/ENT121

My TMA Home TMA Results My Pending TMA Quick Help TMA Quiz Questions TMA: TMA2/ENT121   score=10.00 ENT121 - Principles & Practice of Insurance Ms Ume Eucharia (euume@noun.edu.ng ) 1 A person who insures his vehicle with more than are insurance company is at liberty to claim seperately from each of the insurers only one of the insurers at most two insurers whoever he desires 2 Contributory interestt is viable when policies cover contracts of indemnity favourable interests companies usinng different agencies assurable properties 3 The contribution is most non-marine policies stated that insurers is liable for whole loss only his rateable proportion 90% of loss proportion determined by asset value 4 Company A insures house building for #10m, while company B insures it for #20m. In what ratio would a fire of #12m be apportioned 01:02 02:08 06:08 08:30 5 Insurers A and B insured a property for #2m and #1m respectively. The policy is subjected to pro rate average. The actual value at the time of loss was #4.5m. The loss under consideration is #0.45m. Determine what each insurer would pay if it had the only policy in force #150,000 #20,000 #300,000 #450,000 6 Contribution rights can be warned in the following ways, except special insurance clause special insurance clause more specific insurance clause non-contribution clause 7 Proposal form is the contract of agreement utmost good faith from both parties basis of information for starting relationship a mandidate to the insurer to prepare contract agreement 8 Common questions found in most proposal forms include spouse's details home town relationship with other insurers income level 9 Cover notes has a validity date of 2 weeks 4 weeks 6 weeks 10 weeks 10 In Nigeria, certificate of insurance is made optional compulsory optional determinate 11 Certificate of insurance protects a car owner from accidents theft violating regulation offending policement 12 The best insurance policy for a brand new car is executive party first party third party comprehensive 13 Thhe legality of an insurance cover is affirmed by completing recital or preamble exception declarative clause operative clause 14 The person who assesses the details in the proposal from is known as prospect insurer insured underwriter 15 The factors considered in fixing the price of a risk include these, except maintenance cost profit margin claims costs expenses physical and moral harzards 16 The price to charge and the terms of conditions to impose on a cover is determined by a loss adjuster agency underwriter actuarist 17 The price of an insurance cover is influenced by attitudes and conduct of people general market conditions globalization unseen forces 18 These are termed harzadous objects in making out an insurance cover, except timber walls or thatched roofs open-plan work area brick-fire walls storage of oils 19 These underwriting factors affect claim experience in building construction except floors made of wood location of building name of company or individual seasonality 20 The likelihood of risk is higher in country side high density area urban city village