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