Commerce Paper 2, May/June 2014  
Questions: 1 2 3 4 5 6 7 8 Main
General Comments

question 4

  1. Explain each of the following insurance concepts:

    1. Non indemnity insurance;
    2. Group insurance;
    3. Re-insurance;
    4. Under insurance;
    5. Consequential loss insurance.



  1. Majority of the candidates attempted this question but their performance was poor.  They exhibited lack of understanding of basic insurance concepts.  Some of the answers expected from the candidates are as follows:

    Group insurance:  This is the insurance of employees/workers/athletes/players on an outing under one cover by their employer.  Any individual member suffering any loss is covered by the policy.

    Under Insurance:  This is the insurance of a property or any goods for less than its real value e.g., if a house worth N10 million is insured for N5 million, etc.


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