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CBT TEST

FIN 106 CBT PRACTICE

Take your time to read instructions before taking this test.

There are 40 questions which you are to answer in 15 minutes that gives you roughly 30 seconds per question.

 

If you can get at least 60%, you can be rest assured that you’ll ace FIN 106 exam

 

PS

 

In a normal exam you will be asked between 40 – 60 questions but I only arranged 40 questions

 

Note

 

Do not be in a hurry to answer the questions

Do not waste time on a question you don’t know

Move as fast as possible and starting with questions that don’t have calculation first to save time

Always crosscheck

Don’t be in a hurry to submit, you are not in a competition

Don’t be scared. Getting an A is easy

Don’t be over confident, you can end up a D, E or F. Calm your blood, no be only you sabi book

Please do well to use our comment box incase there’s a message you want to pass to us

70 – 100 A

 

60 – 69 B

 

50 – 59 C

 

45 – 49 D

 

40 – 44 E

 

0 – 39 F

 

I wish you success

 

 

FUOYE FRESHERS GENERAL GRP

https://chat.whatsapp.com/GmvH3J8FEfR1OeurIO0bhx

 

To get latest school updates 👇

 

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I remain your favorite education blogger 😉

 

❤️ Undergragra

FIN 106

1 / 40

1. Which insurance policy covers the insured vehicle against damage from traffic collisions, theft, and fire?

2 / 40

2. Strategic risk can arise in a firm when what happens?

 

3 / 40

3. Which type of risk is associated with fluctuations in foreign exchange rates?

 

4 / 40

4. Which of the following types of life assurance policies provides a benefit only if the insured dies during a specified term?

5 / 40

5. Which type of life insurance provides for the payment of a specified sum of money to named beneficiaries on the death of the insured, regardless of when the death occurs?

 

6 / 40

6. What is the term used to describe the condition that increases the chances of loss or severity of loss?

7 / 40

7. Which type of risk is associated with fluctuations in foreign exchange rates?

8 / 40

8. Operational risk arises from what factors?

 

9 / 40

9. According to the transfer device school of thought, what is the primary business of the insurer?

 

10 / 40

10. Which condition is NOT necessary for a right of contribution among insurers?

11 / 40

11. Which intermediary has the capacity to bind the principal (insurer) in transactions with third parties?

12 / 40

12. Who usually receives the claim payment in an insurance policy?

13 / 40

13. Pure risk involves probabilities of what kind of outcomes?

 

14 / 40

14. Diversifiable risk can be avoided and affects what size of entities?

 

15 / 40

15. Term assurance provides benefits under which condition?

 

16 / 40

16. According to the combination school of thought, what completes the definition of insurance?

 

17 / 40

17. Which principle ensures that an insured does not profit from their loss but is restored to their former position?

18 / 40

18. Which type of risk affects the entire economy and cannot be avoided through diversification?

 

19 / 40

19. In an insurance contract, who is considered the insured?

20 / 40

20. Which of the following is NOT typically covered by a personal accident insurance policy?

 

21 / 40

21. What is the principle of utmost good faith (uberrimae fidei) in insurance contracts?

22 / 40

22. In the principle of subrogation, which of the following statements is true?

 

23 / 40

23. Which type of marine insurance policy provides compensation for any liability occurring on account of a ship crashing or colliding?

 

24 / 40

24. Which of the following individuals would most likely be classified under the high-risk category for personal accident insurance?

25 / 40

25. What must be present in a marine insurance policy for a claim to be valid?

26 / 40

26. Insurance involves an arrangement where the insurer promises to pay a sum of money if the insured suffers financial loss. What is the price charged by the insurer called?

 

27 / 40

27. Under the principle of utmost good faith, what is required from the insured?

 

28 / 40

28. Which of the following is a characteristic of pure risk?

 

29 / 40

29. Annuities provide a series of guaranteed payments for what durations?

 

30 / 40

30. What is the main function of insurance?

 

31 / 40

31. Which characteristic is not true about risk?

 

32 / 40

32. Which type of insurance covers the entire lifetime of the insured provided the minimum required premiums are paid?

 

33 / 40

33. Which type of insurance requires the insurable interest to be present both at the time of entering the transaction and at the time of the claim?

34 / 40

34. What is the duty of the insured regarding the principle of utmost good faith?

35 / 40

35. What principle allows an insurer to place itself in the insured’s position after paying a claim?

36 / 40

36. Which type of insurance policy provides financial protection against damage from traffic collisions and theft?

 

37 / 40

37. Which type of risk involves the possibility that external sources of finance may not be available when needed?

 

38 / 40

38. What is the main function of insurance?

 

39 / 40

39. What kind of fraud involves the insured exaggerating the extent of the risk or damage?

40 / 40

40. What is the main function of insurance?

 

Your score is

The average score is 55%

0%

Phil

Phil aka Undergragra is a Computer Engineering Graduate at the Federal University Oye-Ekiti. He is a lover of God, a passionate teacher, writer and an educational consultant.
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