Waec 2019 insurance question and answer now available

Waec 2019 insurance question and answer now available. 
4b

nsurance against consequences of an accident (including industrial injuries and occupational illnesses), in the event of death or health disorder as a result of an injury, covers:
Payment of the insured amount in a single full amount;
Payment of the insured amount in installments;
Combination of payments referred to in the previous two cases;
Payment against injury, health deterioration or death of passengers.

2) Health Insurance shall cover services not covered by the mandatory health insurance:
Lump sum payment of disability claim;
Reimbursement of hospital treatment costs;
Combination of payments referred to in the previous two cases;

3) Insurance of motor vehicles (comprehensive) shall cover claims for:
Self-propelled motor vehicles, other than railway rolling stock vehicles;
Trailer vehicles.

4) Insurance of railway rolling stock vehicles (comprehensive) shall cover claims incurred to railway rolling stock vehicles.

5) Insurance of aircrafts (comprehensive) shall cover claims incurred to aircrafts.

2a)
The contribution principle governs relationships between insurance companies. The contribution principle in insurance is a rule that specifies what happens when a person buys insurance from multiple companies to cover the same event, and that event occurs.
Primary Functions of Insurance are as follows -
1) Provide protection -
The most important function of insurance is to provide protection against future risk, accident, and uncertainty.It is one check the reality of the misfortune happening and pays the cost of damages of losses.
2) Ensure Certainty -
No one knows what will happen next, the future is uncertain. Any misfortune happening may occur at any stage of life the amount of loss and time of losses both are uncertain. Insurance is a device which helps change uncertainty into certainty. Insurance provides certainty of payment for the uncertain loss.
3) Evaluate Risk -
In our daily life we anticipate various kinds of unforeseen risks and therefore the loss arising from such risks is also unpredictable. Insurance fixes the likely volume of a risk and by assessing diverse factors that give rise to risk. According to Layman "Insurance is a guard against pecuniary loss arising on the happening of unforeseen event and a device to share the Loss".
4) Distribution of risk / Collective Risk Sharing -
Insurance is it wise to share the financial loss. It is a cooperative effort where the risk is distributed among the group of People. Thus, no one have to bear the losses occurred due to uncertainty.

: 2a)
The contribution principle governs relationships between insurance companies. The contribution principle in insurance is a rule that specifies what happens when a person buys insurance from multiple companies to cover the same event, and that event occurs.

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3b) safety of world documents is to protect annual charges giving to the stake holder of a company and get paid up before the end of a month. They are reliable also to office management in Nigeria

3bii) E_banking
        Self noting
Cashier precipitants
Saving accounts

4b) 
~Auto insurance
-Life insurance
- Health insurance
-Long-Term Disability Coverage

Primary Functions of Insurance are as follows -
1) Provide protection -
The most important function of insurance is to provide protection against future risk, accident, and uncertainty.It is one check the reality of the misfortune happening and pays the cost of damages of losses.
2) Ensure Certainty -
No one knows what will happen next, the future is uncertain. Any misfortune happening may occur at any stage of life the amount of loss and time of losses both are uncertain. Insurance is a device which helps change uncertainty into certainty. Insurance provides certainty of payment for the uncertain loss.
3) Evaluate Risk -
In our daily life we anticipate various kinds of unforeseen risks and therefore the loss arising from such risks is also unpredictable. Insurance fixes the likely volume of a risk and by assessing diverse factors that give rise to risk. According to Layman "Insurance is a guard against pecuniary loss arising on the happening of unforeseen event and a device to share the Loss".
4) Distribution of risk / Collective Risk Sharing -
Insurance is it wise to share the financial loss. It is a cooperative effort where the risk is distributed among the group of People. Thus, no one have to bear the losses occurred due to uncertainty

INSURANCE:

(3)
(i) Subject matter: There must be some subject matter to insure such as property, life or life. In fire insurance the subject matter of insurance can be buildings, stock or machinery; under a liability policy, it can be a person’s legal liability for injury or damage; with a life policy, the subject matter of insurance is the life being assured; in marine insurance, it can be the ship, its cargo or the ship owners, legal liability to third parties for injury or damage.
(ii) Legalisation:  The insured must have some legally recognized relationship with the subject matter insured.
(iii) Insurance benefit: The insured must be benefited by the safety of the subject matter and he should suffer if the subject matter is lost, damaged or destroyed.
(iv) Recognised entity: The subject matter must be definite and should be recognized easily.

(v) Measurability: The subject matter should be measured in terms of money.



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Wednesday, 10th April, 2019
Catering Craft Practice 3 (Alternative to Practical Work)** – 9:30 a.m. – 10:10 a.m.
Insurance 2 (Essay)** – 9:30 a.m. – 11:30 a.m.
Insurance 1 (Objective)** – 11:30 a.m. – 12:20 p.m.
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