Insurance - JSS3 Social studies Past Questions and Answers - page 1
What type of insurance provides coverage for unexpected events during travel?
Life Insurance
Health Insurance
Travel Insurance
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Which function of insurance involves spreading risks among a large number of policyholders?
Risk Pooling
Risk Transfer
Financial Security
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The Nigeria Deposit Insurance Corporation (NDIC) was established in which year?
1975
1988
1995
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What is the primary role of NDIC in the resolution of failed banks?
Conducting bank examinations
Ensuring compliance with regulations
Taking over failed banks and protecting depositors
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Which type of insurance covers damages and liabilities related to vehicles?
Health Insurance
Property Insurance
Auto Insurance
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What is the primary purpose of deposit insurance provided by NDIC?
Promoting sound banking practices
Safeguarding depositors' funds
Resolving financial uncertainties
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Which function of insurance involves shifting the financial burden of potential losses to the insurer?
Risk Pooling
Risk Transfer
Promotes Saving
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The NDIC contributes to the stability of which financial entity?
Stock Exchange
Insurance Companies
Financial System
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What type of insurance protects against damage or loss of physical assets like homes or cars?
Life Insurance
Liability Insurance
Property Insurance
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Which NDIC role involves educating the public about deposit insurance and financial stability?
Deposit Insurance
Bank Examination and Supervision
Public Awareness
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