Insurance - SS2 Commerce Past Questions and Answers - page 1
1
When was the Royal Exchange Assurance Corporation established in Nigeria?
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A
1960
B
1918
C
1999
2
Who regulates the insurance industry in Nigeria?
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A
National Insurance Commission (NAICOM)
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B
Central Bank of Nigeria (CBN)
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C
Securities and Exchange Commission (SEC)
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3
Which type of insurance covers risks related to damage or loss of property?
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A
Life insurance
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B
Motor insurance
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C
Health insurance
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4
What is the purpose of insurance in providing financial protection?
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A
Managing investment portfolios
B
Compensating policyholders
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C
 Maximizing profits for insurance companies
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5
What has been a challenge for the insurance industry in Nigeria?
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A
Low awareness
B
High premiums
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C
Limited coverage options
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7
Who regulates the Nigerian insurance industry?
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