Insurance - SS2 Commerce Past Questions and Answers - page 1
When was the Royal Exchange Assurance Corporation established in Nigeria?
1960
1918
1999
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Who regulates the insurance industry in Nigeria?
National Insurance Commission (NAICOM)
Central Bank of Nigeria (CBN)
Securities and Exchange Commission (SEC)
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Which type of insurance covers risks related to damage or loss of property?
Life insurance
Motor insurance
Health insurance
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What is the purpose of insurance in providing financial protection?
Managing investment portfolios
Compensating policyholders
Maximizing profits for insurance companies
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What has been a challenge for the insurance industry in Nigeria?
Low awareness
High premiums
Limited coverage options
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Define insurance in simple terms.
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Who regulates the Nigerian insurance industry?
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