WAEC Commerce 2016 Objective — Question 4
Question 4 of 50 from the West African Examinations Council (WAEC) Commerce 2016 Objective paper, with the correct answer and a full explanation.
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4. Which of the following is an example of life assurance? A. third party policy B. comprehensive policy C. fidelity guarantee policy D. endowment policy
- A. third party policy
- B. comprehensive policy
- C. fidelity guarantee policy
- D. endowment policyCorrect
Explanation
Life insurance policy is non-indemnifiable; thus, it is referred to as endowment policy because the insured or his/her dependent will be endowed in the case of loss.
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