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
Which function of insurance involves spreading risks among a large number of policyholders?
Risk Pooling
Risk Transfer
Financial Security
The Nigeria Deposit Insurance Corporation (NDIC) was established in which year?
1975
1988
1995
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
Which type of insurance covers damages and liabilities related to vehicles?
Health Insurance
Property Insurance
Auto Insurance
What is the primary purpose of deposit insurance provided by NDIC?
Promoting sound banking practices
Safeguarding depositors' funds
Resolving financial uncertainties
Which function of insurance involves shifting the financial burden of potential losses to the insurer?
Risk Pooling
Risk Transfer
Promotes Saving
The NDIC contributes to the stability of which financial entity?
Stock Exchange
Insurance Companies
Financial System
What type of insurance protects against damage or loss of physical assets like homes or cars?
Life Insurance
Liability Insurance
Property Insurance
Which NDIC role involves educating the public about deposit insurance and financial stability?
Deposit Insurance
Bank Examination and Supervision
Public Awareness