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*TMA: TMA1/ENT121*
*Matric Number:* NOU144088813
ENT121 - Principles & Practice of Insurance
MRS. ATURU-AGHEDO C. (caturu-aghedo@noun.edu.ng )

1 The caveat emptor applicable to the sales of goods is based on the
principle of
Buyers beware
Empty the culvert
Utmost good faith
Abundant sales
2 In life assurance, a person insurable interest is for
Unlimited
Limited
Subject to state of health
Unsatisfactory
3 In property insurance the insurable interest is for
Husband only
Wife only
Owner only
Husband and wife
4 Insurable interests for life policy must exist at
Time of loss
Time of purchase
Anything
In the event of disengagement
5 Financial loss or damage on a residential property is redeemable when
it is used as
A grocery shop
Country home
Students hostel
Parents home
6 The value of an insured car
Depends on decoration and fancy attached
Eliminates emotional attachment to it
Is a function of its esthetics
Higher than its market value
7 A third party contract by an insured guarantees
Full Indemnity
Partial Indemnity
Medium Indemnity
Non Indemnity
8 A person is refused a contract when he/she is
Unhealthy
A non-Nigeria
Un-sound mind
Aged
9 An offer is a
Contract terms made to a prospect
Signing of contract agreement
Deciding on premium and Idemnity
Underwriters document
10 An insurance contract is one between
An agency and a person
Two agencies in insurance business
An insured and an insurer
An insurer and a car
11 Contributory pension scheme is
Status quo
Government compensation for working life
Pooling resources towards end of work compensation
Contributing to end time salaries
12 Annuity due contract commences at
Beginning of period
Future date
Never
Sometimes
13 TEPs are
Low cost endowment
Endowments that ensures future growth
Enable investors to buy unwanted endowment policies
Endowments used for tax shelters
14 Encashment or surrender value during adverse investment conditions
suffers
Loss of capital
Market value adjustment
Low cash value
Inflation
15 A life cover where the pay period is a large payment up from is
Limited pay
Economic
Single premium
Participating
16 A life policy is fully paid by
30 to 40
40 to 50
55 to 60
65 to 80
17 Charged premium on a life cover is
Equivalent to Indemnity
Vary from 0 to 10%
Never exceed maximum guaranteed in policy
Very low
18 I whole life assurance insurer takes responsibility for
All risks
Partial risks
Death risk
Actuarial liabilities
19 Term assurance is taken for
Whole life
At time of illness
20 years period
A term at school
20 Insurance cover for requirement for long term care is
Car insurance
Type A insurance
Life insurance
Requirement policy