Insurance Waec Syllabus

Below is this 2024 Waec Syllabus for Insurance. Note that this syllabus is for both internal and external candidates.

Aims and Objectives

No published Aims and Objectives.

Scheme of Examination

There will be two Papers, Paper 1 and Paper 2, which will be a composite paper to be taken in one sitting.

PAPER 1:

The first paper, paper 1, will consist of 50 compulsory multiple-choice questions, which will last for fifty (50) minutes and carry fifty (50) marks.

PAPER 2:

The second paper, paper 2, will consist of two Sections, Section A and Section B.

The Paper will last for 2 hours and carry eighty (80) marks.

Section A

Section A will consist of a compulsory case study and compulsory questions on it.

The case study passage will be between 200 to 250 words and will carry 20 marks.

Section B

Section B will consist of Six essay questions, out of which candidates will be expected to answer four.

Questions in section B will carry fifteen (15) marks each.

Detailed Insurance Syllabus

INTRODUCTION TO INSURANCE

Meaning
Historical development
- Pre and Post independence era and legislation
Insurance contracts
- Parties to an Insurance contract
- Essential features of an Insurance contract
Risks
- Meaning.
- Effects of risks on society.
- Classification of risks.
- Insurable and uninsurable risks.
Hazards
- Meaning
- Types
Functions of Insurance
- Primary functions
- Secondary functions
Benefits of Insurance
Perils
- Meaning
- Differences among perils, risks and hazards

PRINCIPLES OF INSURANCE

Insurable Interest
- Meaning
- Essential features of insurable interest
- Application of insurable interest in life assurance and property insurance
Utmost Good Faith
- Meaning
- Insured and insurer’s duty of disclosure
- Breaches and effects
Proximate Cause
- Meaning
- Application of proximate cause on claims
Indemnity
- Meaning
- Methods of providing indemnity by an insurer
- Application of indemnity in property and liability insurance
Subrogation
- Meaning
- Insurer’s right under Subrogation
- Insured’s duty under Subrogation
Contribution
- Meaning
- Application
- Conditions necessary for contribution

DOCUMENTS USED IN EFFECTING CONTRACT

Proposal Forms
- Meaning
- Functions and uses
- Contracts where proposal forms are used
Cover Notes
- Meaning
- Contents of Cover notes
- Functions and uses of Cover notes
- Contracts where Cover notes are issued
Certificate of Insurance
- Meaning
- Certificate of Insurance in
  - Motor
  - Marine
  - Employer’s liability
Policy
- Meaning
- Component parts of a policy
- Parties to a policy

INSURANCE PRACTICE

Re–insurance
- Meaning.
- Forms ( Facultative and Treaty).
- Functions.
- Uses.
Insurance Renewals
- Meaning of renewal notice
- Renewal procedure
- Legal status of a renewal notice
- No claim Discount (NCD)- meaning and uses
- Long-term Agreement (LTA) – meaning and uses
Insurance Claims
- Meaning of claims
- Claim procedure
  - Notification
  - Documentation (Claim forms)
  - Investigation
  - Discharge voucher
  - Payment
- Duties of the Insured and the underwriter in claims
- Functions of Loss Assessors and Loss Adjusters
Insurance Premium
- Meaning
- Factors to be considered when determining a premium
- Factors responsible for loading premium
- Return premium
  - Partial and full return
  - Reasons for returning premium

NON – LIFE INSURANCE PRODUCT

Motor Insurance
- Meaning
- Types of policies in Motor Insurance
  - Private car
  - Commercial vehicle
  - Motorcycle
  - agricultural and Forestry vehicles
  - Special types (forklifts, tractor, caterpillars)
- The scope of cover
  - Act only
  - Third-party only
  - Third-party, fire and theft
  - Comprehensive
- ECOWAS Brown Card ( meaning and uses)
Fire Insurance
- Meaning
- Standard fire policy cover
- Special perils (earthquake, flood, riot and strike)
- Properties covered
  - Building and its contents
  - Machinery and plant
  - Stocks
- v. Buyers of fire insurance
  - Individuals
  - Corporate Bodies
  - Government agencies
Theft Insurance and Burglary Insurance
- Meaning
- Properties covered
  - Household properties
  - Stocks
  - Machinery and Plants
- Theft insurance and Burglary Insurance in business and private premises
- Differences between Theft Insurance and Burglary Insurance
Money Insurance
- Meaning
- What constitutes money ( cash, cheque, postal order )
- types of cover available
  - In transit only
  - In safe or strong room after business hours
  - In custody of a staff e g cashier
Fidelity Guarantee Insurance
- Meaning
- Types of policies in fidelity guarantee Insurance
  - Named policy
  - Position policy
  - Blanket policy
- Bond ( meaning)
- Differences between commercial guarantees and bonds.
Engineering Insurance
- Meaning
- Types of Engineering Insurance
  - Boiler
  - Explosion
  - Computer all risks
- iii. Scope of Engineering Insurance
  - Material damage
  - Liability cover
Marine insurance
- Meaning
- Marine perils
- Type of cover
  - Hull policy
  - Cargo policy
  - Freight policy
Aviation Insurance
- Meaning
- Types of Aviation policy
  - Aviation hull policy
  - Cargo policy
  - Freight policy
  - Liability arising from aircraft operation
  - Liability to passengers and non-passengers
- Aviation risks
- Factors affecting
- International regulations of Aviation Insurance
  - Montrel Convention
  - Hague Rule
  - Warsaw Convention
Employer’s Liability
- Meaning
- Policy covered (employees’ compensation policy)
- Level of benefits payable
- Perils covered
Public Liability Insurance
- Meaning
- Types
  - Personal liability policy
  - Product liability policy
Professional Indemnity
- meaning
- Professionals that require professional indemnity
  - ( Doctors, Lawyers, Insurance brokers, Accountants, and Architects)
Business Interruption Insurance
- Meaning ( consequential loss)
- Causes of business interruption
  - Machinery breakdown
  - Fire Incident
Personal Accident Insurance
- Meaning
- Risks covered:
  - Death
  - Bodily injury
  - Permanent disability
  - Total temporary disability
  - Medical expenses
- Forms of Personal Accident Insurance ( personal and group)
- Benefits ( Death, Bodily Injury and medical expenses)
- Buys of personal and group accident policy

INSURANCE MARKET ( OPERATORS)

- Meaning
- Market Operators
  - Insurance Companies
  - Reinsurance Companies
  - Insurance Intermediaries (Brokers and Agents)
  - Insurance Buyers
    - Individual and private
    - Corporate and public institutions
- Insurance Sellers
  - Insurance Companies
  - Re-insurance Companies
- Supporting Services ( Assessor and Loss Adjusters)

INSURANCE REGULATOR

Nigerian Insurance Association (NIA )
Nigerian Council of Registered Insurance Brokers ( NCRIB )
Institute of Loss Adjusters of Nigeria (ILAN )
National Insurance Commission (NAICOM)
Chartered Insurance Institute of Nigeria (CIIN)

COMMON INSURANCE TERMINOLOGIES

meaning of:
- Hazards
- Perils
- Concealment
- Disclosure
- Days of grace
- Ex- gratia payment
- Extra- premium
- Endorsement
- Excepted perils
- Subject matter of Insurance
- Under Insurance
- Return Premium
- Surrender Value
- Cover note.

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