WAEC Insurance Past Questions and Answers
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21,000+ Insurance past questions · 2020–2026
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Sample Insurance past questions
Real WAEC Insurance questions with the correct answer and explanation. This is a preview — the full bank continues in the app.
An insurance company charges a premium rate of 5% on a sum insured of ₦70,000. Calculate the premium payable. (Assume rate given is for illustrative calculation purposes.)
- A ₦3,500
- B ₦4,200
- C ₦10,500
- D ₦4,000
An insurance company charges a premium rate of 5% on a sum insured of ₦1,470,000. Calculate the premium payable. (Assume rate given is for illustrative calculation purposes.)
- A ₦88,200
- B ₦220,500
- C ₦74,000
- D ₦73,500
An insurance company charges a premium rate of 5% on a sum insured of ₦4,360,000. Calculate the premium payable. (Assume rate given is for illustrative calculation purposes.)
- A ₦654,000
- B ₦261,600
- C ₦218,000
- D ₦218,500
An insurance company charges a premium rate of 20% on a sum insured of ₦3,400,000. Calculate the premium payable. (Assume rate given is for illustrative calculation purposes.)
- A ₦682,000
- B ₦680,000
- C ₦714,000
- D ₦2,040,000
An insurance company charges a premium rate of 5% on a sum insured of ₦2,860,000. Calculate the premium payable. (Assume rate given is for illustrative calculation purposes.)
- A ₦171,600
- B ₦143,000
- C ₦429,000
- D ₦143,500
Which term best matches this description: 'A contract in which one party (the insurer) agrees to compensate another (the insured) for specified losses in exchange for a premium'?
- A Reinsurer
- B Employer's liability insurance
- C Insurance
- D Insurance intermediary
Which of the following best defines 'Underwriter'?
- A Marine insurance that covers the ship or vessel itself
- B Insurance purchased by an insurance company from another insurer to spread its own risk
- C An additional benefit added to a basic insurance policy for an extra premium
- D A person or company that evaluates risk and decides the terms on which insurance will be offered
What type of risk involves the chance of either a loss or a gain?
- A Speculative risk
- B Marine insurance
- C Contribution
- D The same position as before the loss
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Preparing for WAEC Insurance
Start with past questions from the most recent years, since they best reflect the current format. Work through each question fully before checking the answer, then read the explanation even when you got it right — it often reveals a faster way to solve the next one. Repeat across older years to cover the full range of topics WAEC has asked about in Insurance.
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Does QuizRipple have WAEC Insurance past questions?
Yes — 21000 Insurance past questions spanning 2020–2026, each with the correct answer.
Are explanations included?
Most Insurance questions include a short explanation of why the correct option is right, not just the answer key.
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