Insurance Neco Past Questions And Answers (Objective and Theory)

Here they are;

Multiple Choice Questions (15):

What type of insurance provides coverage for medical expenses and healthcare services?

A) Auto Insurance

B) Health Insurance

C) Travel Insurance

D) Home Insurance

Answer: B) Health Insurance

In insurance, what does the term “Deductible” refer to?

A) Premium Payment

B) Out-of-Pocket Amount

C) Policy Limit

D) Coverage Period

Answer: B) Out-of-Pocket Amount

Which insurance policy combines both life insurance and investment components?

A) Term Life Insurance

B) Whole Life Insurance

C) Endowment Policy

D) Annuity

Answer: C) Endowment Policy

What is the primary purpose of the National Health Insurance Scheme (NHIS)?

A) Providing Life Insurance

B) Offering Travel Insurance

C) Ensuring Universal Health Coverage

D) Covering Property Damage

Answer: C) Ensuring Universal Health Coverage

What role does the Insurance Regulatory Authority play in the insurance industry?

A) Selling Insurance Policies

B) Regulating Premium Rates

C) Investigating Claims

D) Marketing Insurance Products

Answer: B) Regulating Premium Rates

Theory Questions (5):

Discuss the concept of “Subrogation” in insurance and provide examples to illustrate its application. (6 marks)

Explain the significance of the “Policyholder’s Duty of Disclosure” and how it contributes to a fair insurance transaction. (5 marks)

Compare and contrast “Third-Party Insurance” and “Comprehensive Insurance” in the context of automobile coverage. (7 marks)

Evaluate the impact of climate change on the insurance industry, highlighting the challenges and opportunities it presents. (8 marks)

Elaborate on the role of insurance in risk management for businesses, emphasizing its importance in mitigating various types of risks. (9 marks)