Insurance Waec 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.

SUGGESTED READING LIST

Insurance for Beginners By OLoyede, F. A. and Rauf-Lawal, S. A.

Introduction to Insurance  By Robert Ngarakwe and Dr. Nwezeaku, N. C.

Principles and Practice of Insurance By Robert Ngarakwe and Dr. Nwezeaku, N. C.

Insurance Fundamentals By Adeola Banjo, K. (Mrs.)

Principles and Practice of Insurance Adeola Banjo, K. (Mrs)

Introduction to Insurance – A Nigeria Perspective By Victor I. Okonkwo.

Insurance For Beginners By Rauf- Lawal, Semiu A. O