TMA4/ENT121

My TMA Home TMA Results My Pending TMA Quick Help My TMATMA InstructionCourse DetailTMA CalendarGrading Message BoardQuick InfoInstructor Message Quiz NoteQuiz Tip - 1Quix Tip - 2 TMA Quiz Questions   TMA: TMA4/ENT121 Matric Number:  score=10.00 ENT121 - Principles & Practice of Insurance Ms Ume Eucharia (euume@noun.edu.ng )   1 Risk can be simply defined as danger anticipated when driving a car unwanted event in the future walking on a tight rope an unpleasant experience 2 A typical speculative risk is plane crash damage to property of others technology change damage to goods by fire 3 Man cannot exist without risk because it is applicable to business inevitable accident prone result of crossing the road 4 Insurance is an arrangement that ensure 90% return of losses indemnity loss suffered charges a premium gives succor to a gambler 5 What kind of risks are suffered by Insurance companies? risk incurred during work taking premium from clients transferred risk from clients securing premium paid by clients 6 A broker acts as sorrugate for another intermediary in insurance business take commission from insured Facilitate business transaction 7 A full-time agent is permanent staff in an agency an independent agent acts for one or more insurance companies takes agency business seriously 8 Buyers of insurance products are cars buildings property owners fire stations 9 Insurance is used to cushion the effect of loss or damage recover stolen properties payback policy protection of family members 10 Risk is avoidable short time damage something we have little control action that went wrong 11 Insurance cover are meant for car owners business premises all things general merchandise 12 Insurance business developed due to need to cover properties ingeneous ideas of actuaries frequency of losses in business industrial revolution 13 Insurance business related to death claims is classified as motor vehicles insurance miscellaneous insurance general accident insurance fire insurance 14 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 15 A life insurance policy is based on status health conditions age work experience 16 The main reason for taking up an insurance policy is idemnity non-monetary money status symbol 17 An institute cargo clause "B" covers fire or explosive losses loss overboard discharge of cargo at port of distress general average sacrifice 18 Duration of cover for freighted cargo is 30 days 60 days 90 days 100 days 19 Workers compensation claims for the 8th after injury or damage is 10% 25% 50% 100% 20 CAR is a policy taken for generators compressors stadiums transformers