Question 4
Explain each of the following classes of insurance:
- Marine insurance;
- Accident insurance;
- Group insurance;
- Fidelity guarantee insurance;
- Consequential loss insurance.
Observation
Most Candidates attempted this question. Their performance was impressive. However, many candidates’ failed to explain consequential loss insurance correctly.
Consequential Loss Insurance is taken to cover loss of revenue to a firm as a result of being out of business after a fire incidence.