fbpx
Education

Chartered Insurance Institute Of Nigeria Past Questions

Chartered Insurance Institute Past Questions are for those who are writing this course this year and it is their first time, want to have a deep revision or know how the exams will be set, worry no more. There is good news right now and in this post, you will know how you will come out with good grades in your examination.

Preparation is paramount before going for any examinations because maximum preparation is required to get success. That is why we helped you gather all the questions from past years that will help you to succeed. This past question covers how the examinations is patterned, important topics that do not miss out, and the simplest ways to answer these questions to suit the marking scheme.

👉 Relocate to Canada Today!

Live, Study and Work in Canada. No Payment is Required! Hurry Now click here to Apply >> Immigrate to Canada

 Chartered Insurance Institute Of Nigeria Past Questions

How is Chartered Insurance Institute Past Questions Patterned

The Past Questions are patterned as THEORY questions which is divided into different part. We have made it very easy for you. we bring all the questions for many years and put them together but we indicate the specific years of their occurrence. We provide the correct answers in order to save your time. All you need to do is to devote quality time to study the Past Questions in PDF Format and watch yourself change the narrative by scoring better than you expected.

Why You Need A Copy of The Past Questions

You need this past question for the following under listed reasons;

-provides useful information about the questions to expect to help detect your strength and weakness in each field.

-Getting the Past Questions and taking time to study the content will expose you to the questions that have been asked years back as most of those questions and answers get repeated every year while some will just be rephrased. You will be loosing out if you don’t get a copy for yourself.

-One reason to use past questions is forming an excellent basis for revision in preparation for examinations and prevention of future mistakes  by having a clear focus.

Chartered Insurance Institute Past Questions Sample

In other to know that we are giving out the original CIT Past Questions, we have decided to give you some free samples as proof of what we said earlier
PART I

Answer ALL questions in Part I

Each question is worth six marks

Note form is acceptable where this conveys all the necessary information

1.
Explain briefly what insurable interest is and its features. (6)
2.
Explain the differences between the treatment of surplus or deficit in the
policyholders’ fund, under the proprietary insurance provision model and under
the mutual insurance provision model.
(6)
3.
Explain the common prohibitions and restrictions which make the conventional
insurance unacceptable under Shariah.
(6)
4.
Explain the basic Mudharabah model. (6)
5.
Explain how a Takaful operator manages the deficit in the participants’ risk fund. (6)
6.
Identify the benefits and the criticism of Takaful windows. (6)
7.
Outline three events that took place during the lifetime of the Prophet Muhammad
(PBUH) that support the concept of insurance, risk mitigation and risk sharing.
(6)
8.
Describe the key operational features of the WakalahMudharabah arrangement
for reTakaful.
(6)

Part II
Compulsory question

This question is worth 38 marks

9.
A newly appointed accountant in ABC Takaful, a firm which uses the
Wakalah-Mudharabah model in its operation, has prepared the statement of
Policyholders’ Revenues and Expenses for the year 2019, as shown below:

Statement of Policyholder’s Revenue and Expenses

2019 (£ ‘000)

Insurance Revenues

Paid Up Capital
750,000
Wakalah Fees
20,000
Mudarib Share
176
Balance of Retained Surplus at 31 December 2018
3,000
Dividends Payable
50
Total Insurance Revenue
773,226
Insurance Expenses

Earned Contribution
46,026
Reinsurance Commission Income
5,013
Net Paid Claims
25,000
Distribution to Policyholders
1,000
Acquisition Cost
5,300
Total Insurance Expenses
92,339
Net Surplus from Insurance Operations
680,887
Investment Income

Investments
10,000
Less: Gross Investment Income for Policyholders
1,300
Net Investment Income
8,700
Surplus (or deficit) of Revenue over Expenses
689,587
After reviewing the statements prepared, as the firm’s Chief Financial Officer, you notice
gross errors.

(a)
Explain to the new accountant the objective of Statement of Policyholders’ Surplus
(deficit) and how it is prepared.
(8)
(b)
Using the information shown in the Statement of Policyholders’ Revenue and
Expenses, prepare the following statements correctly.

(i)
The Statement of Policyholders’ Revenue and Expenses for the year 2019. (20)
(ii)
The Statement of Policyholders’ Surplus (deficit) for the year 2019. (10)

How to Buy

The complete past question with accurate answers is N2, OOO  Dollar to Naira Rate

To purchase this past question, chat with the number 08026529647 on Whatsapp to check availability.

Delivery Assurance

How are you sure we will deliver the past question to you after payment.

Our services are based on honesty and integrity. That is why we are very popular.

For us (ExamsGuru Team), we have been in business since 2012 and have been delivering honest and trusted services to our valued customers.

Since we started, we have not had any negative comments from our customers, instead, all of them are happy with us.

Our past questions and answers are original and from the source. So, your money is in the right hand and we promise to deliver it once we confirm your payment.

Each year, thousands of students gain admission into their schools of choice with the help of our past questions and answers.

7 Tips to Prepare for Chartered Insurance Institute Of Nigeria Exams

  1. Don’t make reading your hobby: A lot of people put reading as a hobby in their CV, they might be right because they have finished schooling. But “You” are still schooling, so reading should be in top priority and not as a hobby. Read far and wide to enhance your level of aptitude
  2. Get Exams Preparation Materials: These involve textbooks, dictionaries, Chartered Insurance Institute Of Nigeria Past Questions, and others. These materials will enhance your mastering of the scope of the exams you are expecting.
  3. Attend Extramural Classes: Register and attend extramural classes at your location. This class will not only help you refresh your memory but will boast your classroom understanding and discoveries of new knowledge.
  4. Sleep when you feel like: When you are preparing for any exams, sleeping is very important because it helps in the consolidation of memory. Caution: Only sleep when you feel like it and don’t oversleep.
  5. Make sure you are healthy: Sickness can cause excessive feelings of tiredness and fatigue and will not allow you to concentrate on reading. If you are feeling as if you are not well, report to your parent, a nurse or a doctor. Make sure you are well.
  6. Eat when you feel like: During the exam preparation period, you are advised not to overeat, so as to avoid sleep. You need to eat little and light food whenever you feel like eating. Eat more fruits, drink milk and glucose. This will help you to enhance retention.
  7. Reduce your time in social media: Some people live their entire life on Facebook, Twitter, WhatsApp, Messenger chat. This is so bad and catastrophic if you are preparing for exams. Try and reduce your time spent on social media during this time. Maybe after the exams, you can go back and sleep in it.

If you like these tips, consider sharing them with your friends and relatives. Do you have a question or comments? Put it on the comment form below. We will be pleased to hear from you and help you in every possible way.

good luck!

Check and Confirm: How much is Dollar to Naira today     Pounds to Naira today

👉 Relocate to Canada Today!

Live, Study and Work in Canada. No Payment is Required! Hurry Now click here to Apply >> Immigrate to Canada

 

👇👇👇👇👇

Information is Power!

Don’t miss any valuable information or opportunity that can change your life, business, and family positively and permanently.

👇👇👇👇👇

Click here to subscribe!

For Latest updates on News, Scholarships, Jobs & Business Ideas, and Other Opportunities.

👍Advertise your business on InfoGuideNigeria.com!

From just N9,999 per month, you can advertise your products and services to over 1,500,000 monthly users on our website. Click here to read more.

 

 

Copyright Warning!

Contents on this website may not be republished, reproduced, or redistributed either in whole or in part without due permission or acknowledgment.
.
Proper acknowledgment includes, but not limited to (a) LINK BACK TO THE ARTICLE in the case of re-publication on online media, (b) Proper referencing in the case of usage in research, magazine, brochure, or academic purposes,.
.
All contents are protected by the Digital Millennium Copyright Act 1996 (DMCA).

.


The images, except where otherwise indicated, are taken directly from the web, if some images were inserted by mistake violating the copyright, please contact the administrator for immediate removal.

.
We publish all content with good intentions. If you own this content & believe your copyright was violated or infringed, please contact us  for immediate removal.

🤑 Start Making Money from home today!

👉 Get the correct FREE FOOTBALL PREDICTION TIPS and Guides today. Click here

.

🤑 Make Money now!

👉 Make money writing for us. Apply for Freelance writing jobs in Nigeria.

👉 Make Money as InfoGuideNigeria Advertising Agents, read more here

.

Related Articles

Leave a Reply

Your email address will not be published.

Back to top button

It looks like you're using an ad blocker!

This website InfoGuideNigeria.com is maintained by the advertising revenue and we noticed you have ad-blocking enabled. Please disable Ad-Blocker