NECO-INSURANCE-ANSWERS
Keep Subscribing With Us To
Enjoy Our Service And Get Your Legit.
Solution Before Exam Time.
====================================

NECO-INSURANCE-ANSWERS

Insurance-Obj.

1ABECEDDBAB
11EECBDAAAAD
21BECADAAACC
31EBDBAEBAED
41ADB*********

do the rest yourself..
=========================

Completed.
====================================
Theory.

(3i)
Unit Linked Endowment Policy: There is no fixed amount promised at the time of policy maturity in this policy. The time period of policy and mortgage period are equal.

(3ii)
Traded Endowment Policy: This can be well understood as a second hand endowment policy. Here the policy buyer purchases the policy at a price higher than the surrender value offered by the insurance firm because the policy will for sure fetch the buyer a higher amount at the time of maturity.

(3iii)
Low Cost Endowment Policy: This policy is a combination of traditional with profits endowment, where estimated growth rate will meet the mortgage amount and reducing term assures that the target mortgage amount is paid as minimum in case policy holder dies.

(3iv)
Non profit Endowment Policy: In non profit endowment policy, a lump sum amount is promised to be paid at the time of maturity or on death of the policy holder whichever is earlier.

(3v)
Traditional with profits Endowments: This policy assures a sum of money that will be paid at the time of maturity or death of the policy holder. The amount of the policy increases as the policy holder gets regular / reversionary bonuses.

================================

(1a)
proximate cause is an event sufficiently related to an injury that the courts deem the event to be the cause of that
injury. There are two types of causation in the law: cause-in-fact,
and proximate cause.

(1b)
(i)Provide safety and security
(ii)Generates financial
resources
(iii)Life insurance encourages
savings
(iv)Promotes economic growth
(v)Medical support
(vi)Spreading of risk
(vii)Source of collecting funds
(viii)Development of Social Sectors

(1c)
(i)There must be a large number of exposure units.
(ii)The loss must be accidental and unintentional.
(iii)The loss must be determinable and measurable.
(iv)The loss should not be catastrophic.
(v)The chance of loss must be calculable.
(vi)The premium must be economically feasible.
(vii)Fortuitous loss.
(viii)Non-catastrophic loss.

================================

(6i)
Plant All Risk Insurance; This Recall how we made reference to ‘machinery and plant usage’ in our definition of Engineering Insurance? Simply put, this insurance policy is streamlined to cater to loss and unforeseen damages of operational tools. Construction equipment and operational machinery are susceptible to wear and tear due to their exposure to extreme environmental conditions.

(6ii)
Contractor’s All Risk; Cover You guessed right with the title and its description it covers contractors and provides financial protection against damage or loss incurred during construction projects. Like the other forms of Engineering Insurance we have described, the Contractor’s All Risk Cover provides cover against loss or damage to plants and equipment.

(6iii)
Erection All Risk; Here, the risk covered deals with the erection of machinery or plant structures. Other than it includes, installation activities, commissioning and testing of machinery. The context of the equipment we have been describing since inception is engineering-inclined as we have initially established.

(6iv)
Machine Breakdown Policy; As the name implies, the Machine Breakdown Policy provides cover losses for sudden or unexpected damage of equipment especially while they’re still in use. Both internal and external damages are covered in the Machine Breakdown Policy. Some of these internal damages could include lubrication defects, electrical damage, overheating and the like.

(6v)
Boiler and pressure vessel; This type of insurance provides protection against the dangers of explosion and
collapse of boilers and pressure vessels.
The policy is widespread in markets
influenced by the United Kingdom. It is
not so well known in other markets
where cover is more often provided by
way of a Machinery Breakdown and Fire
policy.
The cover embraces material damage to
boilers and pressure vessels. In addition,
it includes cover for material damage to
other property belonging to the insured,
third party property damage, and fatal or
non-fatal injuries to third parties not
employed by the insured
====================================

(4a)
insurance contract is a document representing the agreement between an insurance company and the insured. Central to any insurance contract is the insuring agreement, which specifies the risks that are covered, the limits of the policy, and the term of the policy.

(4b)
(i)Private Car Insurance
(ii)Commercial Vehicle Insurance
(iii)Two Wheeler Insurance
(iv)Third party insurance

(i)Private Car Insurance; Private CAR INSURANCE should be first thing to be
taken after purchasing a Car. A financial safeguard for a large variety of situations, Private Car Insurance is one of the most important purchases to make. Whether it is a natural disaster such as an earthquake or flood; or somebody damages or steals the car, a Car Insurance takes care of it all.

(ii)Commercial Vehicle Insurance; To keep the business going, it is imperative for business owners to have the vehicles owned by them insured. General insurance providers offer packaged COMMERCIAL VEHICLE INSURANCE policies which protect businesses from potential financial loss
to the vehicle arising out of accidental loss or damage, the legal liability
towards third-parties for bodily injury, death or property damage on account of any accident involving the vehicle.

(iii)Two Wheeler Insurance: As soon as you purchase a two wheeler, getting
TWO WHEELER INSURANCE is a mandatory requirement as per the Motor Vehicles Act 1988 and Motor Vehicle Amendment Act 2019. It provides coverage for from any financial loss to the vehicle due to accidental loss or damage, the legal liability towards third-parties in event of bodily injury, death or property damage. It also offers coverage in event of damage due to natural calamities or manmade events.

(iv)Third-Party insurance: Third-party insurance is one of the most common types of vehicle insurance; in which only damages & losses caused to a third-party person, vehicle or property are covered.
====================================

(7a)
Business interruption insurance, also known as business income insurance, is defined as a form of insurance that covers lost income when your business temporarily closes due to a fire, natural disaster, or other covered incident.

(7b)
(Choose any four)
(i)Voyage Policy.
(ii)Time Policy.
(iii)Mixed Policy.

(i)Voyage Policy: A voyage policy is that kind of marine insurance policy which is valid for a particular voyage.
(ii)Time Policy: A marine insurance policy which is valid for a specified time period – generally valid for a year – is classified as a time policy.
(iii)Mixed Policy: A marine insurance policy which offers a client the benefit of both time and voyage policy is recognized as a mixed policy.

(7c)
(i)Kind of risk involved
(ii)Type of property to be insured
(iii)Content of the property
(iv)Occupational hazards

================================

Completed.