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Insurance > Insurance Market > Flashcards

Insurance Market Flashcards

1
Q

The insurance market comprises of?

A

Buyers, sellers and intermediaries

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2
Q

Largest buyer of insurance products?

A

Commerce and industry

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3
Q

The purchase of insurance products by the public is dependent on?

A

Per capital income(income per person) of the country

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4
Q

The purchase of insurance products by commerce and industry is dependent on the?

A

Economic growth of the country

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5
Q

The process of being an underwriting member of Lloyd’s is by?

A

Election (secret ballot)

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6
Q

What is the election process of Lloyd’s membership?

A

A potential member is nominated by an existing member and backed by 5 other existing members

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7
Q

What are the types of insurance companies?

A

Proprietary and Mutual

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8
Q

What type of company is owned by shareholders?

A

Proprietary

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9
Q

What type of company is owned by policyholders?

A

Mutual

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10
Q

Out of the two types of insurance companies, which specializes in Life assurance?

A

Mutual Companies

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11
Q

Out of the two types of insurance companies, which is the most common in Nigeria?

A

Proprietary

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12
Q

The liability of a mutual company is limited to?

A

Premium paid

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13
Q

What type of company is Friendly society?

A

Mutual Company

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14
Q

In what century was Friendly Society established?

A

17th

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15
Q

Friendly societies were established in?

A

England

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16
Q

The friendly societies act 1793 was passed for the underwriting of?

A

Industrial Life Assurance

17
Q

Full meaning of NICON

A

National Insurance Corporation Of Nigeria

18
Q

NICON is a GOVERNMENT OWNED insurance company established in?

A

1969

19
Q

Who advises a potential policyholder on insurance matters?

A

Insurance Broker

20
Q

Who is the most important insurance intermediary ?

A

Insurance Brokers

21
Q

The commission received my brokers is known as?

A

Brokerage

22
Q

To become and insurance broker in Nigeria, under what decree does one have to be registered by NAICOM under?

A

decree 2 of 1997

23
Q

What insurance intermediary is not primarily involved in insurance?

A

Agents

24
Q

What insurance intermediary works on part-time basis?

A

Agents

25
Q

An insurance intermediary charged with the responsibility of introducing clients to insurers?

A

Agents

26
Q

Which insurance intermediary works on a full time basis?

A

Consultants

27
Q

Insurance intermediaries that are employees of the insurers are known as?

A

Home Service reps

28
Q

Friendly society is formed by?

A

Registration

29
Q

Mutual companies specialize on what type of insurance?

A

Life insurance

Insurance (9 decks)

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