Insurance jamb past questions and answers

Insurance jamb past questions and answers

What does a "rider" in life insurance mean?

A) A person covered by the policy

B) Additional coverage added to a policy (Correct)

C) The policy beneficiary

D) The policy's maturity date

Which type of insurance is designed to cover the costs of long-term care services and support?

A) Health insurance

B) Disability insurance

C) Long-term care insurance (Correct)

D) Life insurance

What does a "waiting period" refer to in insurance policies?

A) The time between policy renewal periods

B) The time taken to process a claim

C) The time an insured must wait before receiving benefits (Correct)

D) The grace period for premium payments

Which insurance might cover damage to your laptop while traveling abroad?

A) Homeowner's insurance

B) Renter's insurance

C) Travel insurance (Correct)

D) Personal liability insurance

What does a "cash value" feature refer to in some life insurance policies?

A) The total coverage amount

B) The amount of money paid as premiums

C) The policy's investment component that accumulates value over time (Correct)

D) The death benefit amount

Which insurance type covers damage to someone else's property caused by your actions?

A) Liability insurance (Correct)

B) Homeowner's insurance

C) Health insurance

D) Disability insurance

What does the term "actuary" refer to in the insurance industry?

A) An insurance agent

B) A specialist who assesses risk and sets premium rates (Correct)

C) A policyholder

D) A claims adjuster

Which insurance might cover a canceled flight due to unexpected illness?

A) Health insurance

B) Travel insurance (Correct)

C) Renter's insurance

D) Disability insurance

What does "renewal notice" signify in insurance terms?

A) A notification of coverage cancellation

B) A request for policy changes

C) A notice reminding policyholders about policy expiration and renewal options (Correct)

D) A statement of claim settlement

Which insurance typically covers damage to personal belongings due to a fire in a rented apartment?

A) Homeowner's insurance

B) Renter's insurance (Correct)

C) Flood insurance

D) Earthquake insurance

What does "excess" mean in an insurance policy context?

A) Additional coverage provided

B) The maximum coverage limit

C) The amount you're responsible for paying before the insurer pays (Correct)

D) The deductible amount

Which insurance might cover a lost engagement ring that wasn't at home when it disappeared?

A) Homeowner's insurance

B) Renter's insurance (Correct)

C) Travel insurance

D) Personal liability insurance

What does "loss of use" mean in a homeowner's insurance policy?

A) The policy's cancellation

B) The inability to claim compensation

C) Additional living expenses due to inability to live in the insured property (Correct)

D) Loss of personal belongings

Which insurance type provides coverage in case of damage to a landlord's property caused by a tenant?

A) Renter's insurance

B) Homeowner's insurance

C) Landlord's insurance (Correct)

D) Personal liability insurance

What does "coinsurance" mean in health insurance?

A) The percentage of covered expenses paid by the insurer (Correct)

B) The out-of-pocket maximum

C) The annual premium amount

D) The deductible amount

Which insurance type is designed to cover professional errors or negligence?

A) Malpractice insurance

B) Errors and omissions (E&O) insurance (Correct)

C) Liability insurance

D) Worker's compensation insurance

What does "in-network" refer to in health insurance terms?

A) Healthcare services provided outside the country

B) Healthcare providers contracted with the insurance company for lower rates (Correct)

C) The insured person's family members covered by the policy

D) Emergency medical services covered by the policy

Which insurance might cover medical expenses resulting from a car accident?

A) Auto insurance (Correct)

B) Disability insurance

C) Renter's insurance

D) Long-term care insurance

What does "pre-existing condition" mean in health insurance?

A) A medical condition that existed prior to the start of the insurance coverage (Correct)

B) An injury sustained after the policy was initiated

C) A condition not covered by the policy

D) A condition acquired during the policy period

Which insurance type generally covers damage to personal property caused by a flood?

A) Homeowner's insurance (Incorrect)

B) Renter's insurance (Correct)

C) Flood insurance (Correct)

D) Earthquake insurance