Insurance Market Flashcards
The insurance market comprises of?
Buyers, sellers and intermediaries
Largest buyer of insurance products?
Commerce and industry
The purchase of insurance products by the public is dependent on?
Per capital income(income per person) of the country
The purchase of insurance products by commerce and industry is dependent on the?
Economic growth of the country
The process of being an underwriting member of Lloyd’s is by?
Election (secret ballot)
What is the election process of Lloyd’s membership?
A potential member is nominated by an existing member and backed by 5 other existing members
What are the types of insurance companies?
Proprietary and Mutual
What type of company is owned by shareholders?
Proprietary
What type of company is owned by policyholders?
Mutual
Out of the two types of insurance companies, which specializes in Life assurance?
Mutual Companies
Out of the two types of insurance companies, which is the most common in Nigeria?
Proprietary
The liability of a mutual company is limited to?
Premium paid
What type of company is Friendly society?
Mutual Company
In what century was Friendly Society established?
17th
Friendly societies were established in?
England
The friendly societies act 1793 was passed for the underwriting of?
Industrial Life Assurance
Full meaning of NICON
National Insurance Corporation Of Nigeria
NICON is a GOVERNMENT OWNED insurance company established in?
1969
Who advises a potential policyholder on insurance matters?
Insurance Broker
Who is the most important insurance intermediary ?
Insurance Brokers
The commission received my brokers is known as?
Brokerage
To become and insurance broker in Nigeria, under what decree does one have to be registered by NAICOM under?
decree 2 of 1997
What insurance intermediary is not primarily involved in insurance?
Agents
What insurance intermediary works on part-time basis?
Agents
