Insurance – Page 2

POM – APR 2023 – L1 – Q4 – Organizational Change Management

Explain organizational change management to a rural bank's senior team, discuss reasons for resistance in an insurance company, and state strategies to minimize resistance.

Question

Organizational change management is inevitable in any corporate entity of the country. (a) Briefly explain organizational change management to senior management team of a rural bank. (b) Discuss five (5) reasons why an insurance company may resist organizational change management? (c) State five (5) strategies that can be employed to minimize resistance to organizational change management efforts?

Answer

Find Related Questions by Tags, levels, etc.

Tags: Change Management, Insurance, Organizational Change, Resistance, rural bank, Strategies
Level: Level 1

Topic: Change Resistance, Organizational Change Management
Series: APR 2023

ITF – APR 2024 – L3 – Q3 – Cost Comparison of Steel Quotations from Different Countries

Calculate the cost of 100 tons of steel for three quotations from Norway, Denmark, and Turkey, including exchange, charges, and interest, to determine the cheapest option.

Question

Question: QUESTION 3 Held and Sons are Stockholders in London whose account is operated on Overdraft basis. Hitherto, they have obtained their Stocks in the UK, but they are now forced to look elsewhere for supplies of specialised steel. They have received the following quotations:

Country	Price Per Ton	Payment Terms
a. Norway	NOK 2,125 FOB, Oslo	Open Account: Settlement one month after shipment.
b. Denmark	DKK 1,560 CFR, London	Draft drawn payable two months after shipment (Collection Charges for buyer).
c. Turkey	TRY 2112 CIF, London	Irrevocable Documentary Credit payable three months after shipment.

Using additional information set out below, show by calculating the cost of 100 tons of the steel, which of quotations (a), (b) and (c) would be the cheapest for your customer. Freight charges from any European Port £5 per ton Insurance (to be effected on 110% of CIF value) 1% payable in £ Collection Charges (total for both banks) ¼ % Documentary Credit Charges (including Acceptance Commission) ¾ % Overdraft Interest for one month (considered as 1/12 of a year) 15% pa. Ignore all other possible charges. It is to be assumed that your customers would have covered any Exchange Risk on the day of shipment, in accordance with rates quoted below, and that all payments and charges relative to any particular quotation are debited on the same day.

Spot One Month Two Months Three Months Norway 12.20 – 12.50 10 – 12c disc 15 – 18c disc 20 – 23c disc Denmark 8.90 – 9.10 8 – 5c pm 10 – 8c pm 14 – 11c pm Turkey 11.80 – 12.05 12 – 9c pm 14 – 11c pm 16 – 12c pm

[Total Marks 20]

Answer

Find Related Questions by Tags, levels, etc.

Tags: CFR, CIF, collection charges, documentary credit, FOB, Forward Rates, freight, Insurance, overdraft interest, steel quotations
Level: Level 3

Topic: Collection of cheques and bills of exchange
Series: APR 2024

ATP – Feb 2020 – L2 – Q3 – Sector-Specific Taxation

Compute tax liability for Xornami Insurance Company for 2018 based on trial balance and additional info.

Question

Xornami Insurance Company Limited has been operating a general insurance business in Ghana since 1st January, 2016.

Below is an extract from the Trial Balance as at 31/12/18:

Description	GH¢000
Land (Leasehold)	10,000
Building (at cost)	130,000
Motor Vehicles (at cost)	22,000
Furniture & Fittings (at cost)	4,500
Interest received on loans	19,500
Interest on Investment	4,450
Stated Capital	100,000
Gross Premium received	127,600
Claims paid during the year	11,960
Income Tax paid	2,250
Commission paid to Agents	6,172
General Administrative Expenses	40,650
Reinsurance Premium paid	13,250
Reinsurance recoveries	18,540
Premiums returned to clients	19,308

The following additional information are made available to you:
(i) The lease is over a period of 40 years.
(ii) The General Administration Expenses include GH¢15,400 and GH¢2,500 in respect of depreciation and the Lease respectively for the year.
(iii) The company’s reserve for unexpired risk for the year ended 31st December, 2017 was GH¢42,000.
(iv) Assume that the depreciation charged in the financial statements for the year is equal to the depreciation allowances applicable to the company.
(v) Corporate Tax Rate: 25%.

Required:
Compute the tax liability of the company for 2018 year of assessment.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Insurance, Premiums, Reserves, Tax Liability
Level: Level 2

Topic: Sector-Specific Taxation
Series: FEB 2020

BL – Nov 2020 – L1 – SA – Q14 – Law Relating to Banking

Objective question on the document used by insurers to gather information for insurance contracts.

Question

14. The document issued by the insurer to obtain material information that will form the basis of a contract of insurance is
A. Insurance policy
B. Proposal form
C. Insurance paper
D. Information document
E. Agreement paper

Answer

Find Related Questions by Tags, levels, etc.

Tags: Contract Basis, Documentation, Insurance, Proposal Form
Level: Level 1

Topic: Law Relating to Banking
Series: NOV 2020

CSME – May 2024 – L2 – SC – Q7 – Risk Management and Corporate Strategy

Discuss the inherent risks that affect the profitability of an insurance company operating internationally.

Question

At an in-house seminar for the top management staff of your organization, you have been appointed to present a report on the significant risks that have negatively affected the profitability of the two lines of business as presented in the Annual Report and Accounts of an insurance company with branches both within and outside Nigeria.

Required:

Present a report to the Management as a consultant, detailing the ‘risks inherent in an insurance company’.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Corporate Strategy, Insurance, Risk Management
Level: Level 2

Topic: Risk Management and Corporate Strategy
Series: MAY 2024

BL – May 2012 – L1 – SA – Q8 – Law Relating to Banking

State the principle that allows an insurer to recover from third parties after settling a claim.

Question

State the principle of law which has been formulated to do equity between two or more insurers where one of them has fully settled the claim of the insured in respect of which both or all of them are liable.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Business Law, Insurance, Subrogation
Level: Level 1

Topic: Law Relating to Banking
Series: MAY 2012

BL – May 2012 – L1 – SA – Q16 – Law Relating to Banking

Identify the nature of a contract of insurance.

Question

A contract of insurance can be described as one of:

A. Uberrimae fidei
B. Non est factum
C. Volenti non fit injuria
D. Ultra vires
E. Actionable per se

Answer

Find Related Questions by Tags, levels, etc.

Tags: Business Law, Contract Law, Insurance
Level: Level 1

Topic: Law Relating to Banking
Series: MAY 2012

AA – Nov 2020 – L2 – Q1d – Audit Evidence

List and explain audit procedures appropriate for auditing gross premium income in an insurance company.

Question

List and explain the type of audit procedures that might be appropriate in the audit of gross premium income.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit Procedures, Insurance, Premium Income
Level: Level 2

Topic: Audit evidence
Series: NOV 2020

BL – Nov 2011 – L1 – SA – Q3 – Law of Contract

Identify an example of a contract of utmost good faith.

Question

An example of a contract of utmost good faith is a contract of:
A. Hire purchase
B. Companies
C. Sale of goods
D. Insurance
E. Accountants

Answer

Find Related Questions by Tags, levels, etc.

Tags: Contract, Good Faith, Insurance, Legal Principle
Level: Level 1

Topic: Law of Contract
Series: NOV 2011

BL – Nov 2011 – L1 – SA – Q2 – Law of Contract

Identify the process where the insurer is substituted into the insured's rights after claim payment.

Question

After payment of the insured’s claim, the substitution of the insurer to all the insured’s rights is called:
A. Indemnity
B. Act policy
C. Subrogation
D. Insurable interest
E. Claim note

Answer

Find Related Questions by Tags, levels, etc.

Tags: Indemnity, Insurance, Rights of Insurer, Subrogation
Level: Level 1

Topic: Law of Contract
Series: NOV 2011

BL – Nov 2012 – L1 – SB – Q4A – Law of Contract

Advise Onome regarding a life insurance policy under a common mistake.

Question

Chief Newton is responsible for the university education of Onome who then decides to insure Chief Newton’s life with Maxim Assurance Plc. The policy became effective on 2 March, but unknown to Onome and Maxim Plc, Chief Newton had died back in the village on 28 February.

Required:
Advise Onome as to whether or not she can sustain a claim under the policy, giving reasons for your advice.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Common Mistake, Insurance
Level: Level 1

Topic: Law of Contract
Series: NOV 2012

BL – Nov 2012 – L1 – SA – Q12 – Company Law

Identify the type of fact in insurance contracts that influences the insurer’s decision.

Question

Which type of fact in insurance law is of such a nature that it may influence a prudent insurer in determining whether or not he will accept the risk and if so at what premium and on what conditions?

Answer

Find Related Questions by Tags, levels, etc.

Tags: Insurance, Material Fact
Level: Level 1

Topic: Company Law
Series: NOV 2012

BL – Nov 2012 – L1 – SA – Q4 – Law of Contract

Identify which business does not fall under general insurance in Nigeria.

Question

Which of the following does NOT fall under general insurance business in Nigeria?
A. Health insurance business
B. General accident insurance business
C. Fire insurance business
D. Engineering insurance business
E. Motor vehicle insurance business

Answer

Find Related Questions by Tags, levels, etc.

Tags: General Business, Insurance
Level: Level 1

Topic: Law of Contract
Series: NOV 2012

BL – May 2013 – L1 – SA – Q15 – Law of Contract

This question tests knowledge of the type of insurance that is not a contract of indemnity.

Question

The only type of insurance that is NOT a contract of indemnity is ___________.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Contract Law, Insurance
Level: Level 1

Topic: Law of Contract
Series: MAY 2013

BL – May 2014 – L1 – SA – Q10 – Agency Law

Identifying the minimum share capital requirement for life insurance business.

Question

An insurer cannot carry on life insurance business if its share capital is less than ____________.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Insurance, Life Insurance, Share Capital
Level: Level 1

Topic: Agency Law
Series: MAY 2014

BL – May 2014 – L1 – SA – Q10 – Agency Law

Identifying a contractual arrangement with periodic premium payments.

Question

The only type of contractual arrangement in which one party pays premium periodically to the other party is:
A. Contract of lottery
B. Landlord-tenant contract
C. Contract between Estate Agents and Tenants
D. Contract of insurance
E. Non-insurable contract

Answer

Find Related Questions by Tags, levels, etc.

Tags: Contract Types, Insurance, Premiums
Level: Level 1

Topic: Agency Law
Series: MAY 2014

BL – May 2018 – L1 – SA – Q17 – Agency Law

Identify the party that accepts the offer in a general insurance contract.

Question

The party that accepts the offer in a general insurance contract is known as:
A. Insurer
B. Insured
C. Agent
D. Broker
E. Intermediary

Answer

Find Related Questions by Tags, levels, etc.

Tags: Contract Law, Insurance, Offer
Level: Level 1

Topic: Agency Law
Series: MAY 2018

BL – Nov 2014 – L1 – SA – Q18 – Business Ethics and Corporate Governance

Identify the correct capital requirement for Re-insurance business.

Question

The capital requirement for Re-insurance business is
A. N1 billion
B. N2 billion
C. N3 billion
D. N4 billion
E. N10 billion

Answer

Find Related Questions by Tags, levels, etc.

Tags: Business Law, Capital requirement, Finance, Insurance, Re-insurance
Level: Level 1

Topic: Business Ethics and Corporate Governance
Series: NOV 2014

BL – May 2022 – L1 – SA – Q16 – Law Relating to Banking

Define the agreement where a company provides compensation for loss, damage, illness, or death in exchange for a premium.

Question

An agreement by which a company undertakes to provide compensation for a specified loss, damage, illness, or death in return for payment of a specified premium is known as
A. Champerty
B. Insurance
C. Underwriting
D. Compensation
E. Distress sale

Answer

Find Related Questions by Tags, levels, etc.

Tags: Compensation, Contracts, Insurance
Level: Level 1

Topic: Law Relating to Banking
Series: MAY 2022

BL – May 2021 – L1 – SB – Q5c – Employment Law

Explaining material facts in insurance contracts and identifying a material fact in a life assurance proposal.

Question

Materiality of facts is important in fixing the duties of the insured under a contract of insurance.

Required:
i. Explain the current law on material facts in insurance contracts.

ii. Before the law, state a fact that would be material in a proposal for life assurance.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Insurance, Life Assurance, Material Facts
Level: Level 1

Topic: Employment law
Series: MAY 2021

Question Tag: Insurance

Filter by Professional Bodies

Filter by Subject

Filter by Series

Filter by Topics

Filter by Levels

POM – APR 2023 – L1 – Q4 – Organizational Change Management

Explain organizational change management to a rural bank's senior team, discuss reasons for resistance in an insurance company, and state strategies to minimize resistance.

You're reporting an error for "POM – APR 2023 – L1 – Q4 – Organizational Change Management"

ITF – APR 2024 – L3 – Q3 – Cost Comparison of Steel Quotations from Different Countries

Calculate the cost of 100 tons of steel for three quotations from Norway, Denmark, and Turkey, including exchange, charges, and interest, to determine the cheapest option.

You're reporting an error for "ITF – APR 2024 – L3 – Q3 – Cost Comparison of Steel Quotations from Different Countries"

ATP – Feb 2020 – L2 – Q3 – Sector-Specific Taxation

Compute tax liability for Xornami Insurance Company for 2018 based on trial balance and additional info.

You're reporting an error for "ATP – Feb 2020 – L2 – Q3 – Sector-Specific Taxation"

BL – Nov 2020 – L1 – SA – Q14 – Law Relating to Banking

Objective question on the document used by insurers to gather information for insurance contracts.

You're reporting an error for "BL – Nov 2020 – L1 – SA – Q14 – Law Relating to Banking"

CSME – May 2024 – L2 – SC – Q7 – Risk Management and Corporate Strategy

Discuss the inherent risks that affect the profitability of an insurance company operating internationally.

You're reporting an error for "CSME – May 2024 – L2 – SC – Q7 – Risk Management and Corporate Strategy"

BL – May 2012 – L1 – SA – Q8 – Law Relating to Banking

State the principle that allows an insurer to recover from third parties after settling a claim.

You're reporting an error for "BL – May 2012 – L1 – SA – Q8 – Law Relating to Banking"

BL – May 2012 – L1 – SA – Q16 – Law Relating to Banking

Identify the nature of a contract of insurance.

You're reporting an error for "BL – May 2012 – L1 – SA – Q16 – Law Relating to Banking"

AA – Nov 2020 – L2 – Q1d – Audit Evidence

List and explain audit procedures appropriate for auditing gross premium income in an insurance company.

You're reporting an error for "AA – Nov 2020 – L2 – Q1d – Audit Evidence"

BL – Nov 2011 – L1 – SA – Q3 – Law of Contract

Identify an example of a contract of utmost good faith.

You're reporting an error for "BL – Nov 2011 – L1 – SA – Q3 – Law of Contract"

BL – Nov 2011 – L1 – SA – Q2 – Law of Contract

Identify the process where the insurer is substituted into the insured's rights after claim payment.

You're reporting an error for "BL – Nov 2011 – L1 – SA – Q2 – Law of Contract"

BL – Nov 2012 – L1 – SB – Q4A – Law of Contract

Advise Onome regarding a life insurance policy under a common mistake.

You're reporting an error for "BL – Nov 2012 – L1 – SB – Q4A – Law of Contract"

BL – Nov 2012 – L1 – SA – Q12 – Company Law

Identify the type of fact in insurance contracts that influences the insurer’s decision.

You're reporting an error for "BL – Nov 2012 – L1 – SA – Q12 – Company Law"

BL – Nov 2012 – L1 – SA – Q4 – Law of Contract

Identify which business does not fall under general insurance in Nigeria.

You're reporting an error for "BL – Nov 2012 – L1 – SA – Q4 – Law of Contract"

BL – May 2013 – L1 – SA – Q15 – Law of Contract

This question tests knowledge of the type of insurance that is not a contract of indemnity.

You're reporting an error for "BL – May 2013 – L1 – SA – Q15 – Law of Contract"

BL – May 2014 – L1 – SA – Q10 – Agency Law

Identifying the minimum share capital requirement for life insurance business.

You're reporting an error for "BL – May 2014 – L1 – SA – Q10 – Agency Law"

BL – May 2014 – L1 – SA – Q10 – Agency Law

Identifying a contractual arrangement with periodic premium payments.

You're reporting an error for "BL – May 2014 – L1 – SA – Q10 – Agency Law"

BL – May 2018 – L1 – SA – Q17 – Agency Law

Identify the party that accepts the offer in a general insurance contract.

You're reporting an error for "BL – May 2018 – L1 – SA – Q17 – Agency Law"

BL – Nov 2014 – L1 – SA – Q18 – Business Ethics and Corporate Governance

Identify the correct capital requirement for Re-insurance business.

You're reporting an error for "BL – Nov 2014 – L1 – SA – Q18 – Business Ethics and Corporate Governance"

BL – May 2022 – L1 – SA – Q16 – Law Relating to Banking

Define the agreement where a company provides compensation for loss, damage, illness, or death in exchange for a premium.

You're reporting an error for "BL – May 2022 – L1 – SA – Q16 – Law Relating to Banking"

BL – May 2021 – L1 – SB – Q5c – Employment Law

Explaining material facts in insurance contracts and identifying a material fact in a life assurance proposal.

You're reporting an error for "BL – May 2021 – L1 – SB – Q5c – Employment Law"

Our offerings

Community

Contact Info

Customer

Get In Touch

admin

Pick a Form