Insurance WAEC

Fire Insurance

Übersicht

Fire ruins more Nigerian businesses in an afternoon than almost any other single event: a market razed in Kano, a warehouse gutted in Aba, a block of shops lost in Onitsha. Fire insurance is the cover that rebuilds after that afternoon. Yet the word fire has a surprisingly strict meaning on a policy, and a claim can fail simply because the loss was heat without flame, or a fire that stayed exactly where it was supposed to be.

In this lesson you will learn what a standard fire policy actually promises, the three perils it always covers, and the famous three-part test that decides whether a loss even counts as a fire. You will see which special perils can be bolted on for extra premium, which perils are excepted forever, and exactly whose property fire insurance is written for. Master this and you can settle any fire scenario an examiner sets.

Ziele

  1. Describe the standard fire policy and state the perils it covers
  2. Explain the meaning of fire, lightning and explosion as insured perils
  3. Identify the special perils that may be added to a standard fire policy
  4. State the properties that may be insured and identify the typical buyers of fire insurance

Mindmap

Dieses Thema ist als Karte dargestellt, damit die Zusammenhange sichtbar werden.

Lernkarten

Schnelles Abfragen der Fakten, die zu diesem Thema gepruft werden.

Lektionshinweis

A cloth trader in Balogun Market keeps ₦9,000,000 of stock in a lock-up shop. One night a faulty socket sparks, the fitting catches, and by morning the shop is a shell. If she holds a fire policy she rebuilds the business. If she does not, the loss is hers alone. That is the plain purpose of fire insurance. But notice the detail hiding in the story: a spark, a fitting that caught, a flame that spread where it should not. Change any one of those details and the answer to whether the policy pays can change with it. Fire insurance rewards the student who knows precisely what a fire is.

Unterrichtsbewertung

Herzlichen Glückwunsch zum Abschluss der Lektion über Fire Insurance. Jetzt, da Sie die wichtigsten Konzepte und Ideen erkundet haben,

Sie werden auf eine Mischung verschiedener Fragetypen stoßen, darunter Multiple-Choice-Fragen, Kurzantwortfragen und Aufsatzfragen. Jede Frage ist sorgfältig ausgearbeitet, um verschiedene Aspekte Ihres Wissens und Ihrer kritischen Denkfähigkeiten zu bewerten.

Nutzen Sie diesen Bewertungsteil als Gelegenheit, Ihr Verständnis des Themas zu festigen und Bereiche zu identifizieren, in denen Sie möglicherweise zusätzlichen Lernbedarf haben.

  1. In its pure form, a standard fire policy covers: A. Fire, flood and storm B. Fire, lightning and explosion of domestic boilers or gas C. Fire, riot and burglary D. Fire, earthquake and aircraft damage Answer: B
  2. For a loss to count as a fire under a fire policy, which of the following is NOT required? A. Actual ignition B. An accidental origin C. Something not meant to be on fire D. Damage exceeding the sum insured Answer: D
  3. Which of the following is a special peril rather than a standard one? A. Lightning B. Fire C. Flood D. Explosion of domestic gas Answer: C
  4. A trader deliberately sets fire to his own shop to claim on his fire policy. The claim will be: A. Paid in full B. Paid after deducting an excess C. Rejected, because the fire was not accidental in origin D. Paid only for the building, not the stock Answer: C
  5. Which of the following is an excepted peril under a fire and special perils policy? A. Storm B. War C. Burst water pipe D. Impact by a vehicle Answer: B

Empfohlene Bücher

Principles of Risk Management and Insurance
Principles of Risk Management and Insurance
Untertitel: Thirteenth edition
Verleger: Pearson
Jahr: 2016
ISBN: 978-0-13-408257-8
Beschreibung: The standard introduction to risk and insurance, covering risk management, insurer operations and the main lines of life, health, property and liability cover.
Fundamentals of Risk and Insurance
Fundamentals of Risk and Insurance
Untertitel: Tenth edition
Verleger: Wiley
Jahr: 2008
ISBN: 978-0-470-08753-4
Beschreibung: A clear account of the nature of risk and the economics of insurance, written for beginning students across life, health, property and liability insurance.
Fundamentals of Insurance
Fundamentals of Insurance
Untertitel: Second edition
Verleger: Himalaya Publishing House
Jahr: 2017
ISBN: 978-93-5097-079-9
Beschreibung: An accessible treatment of insurance in four parts: the basics of risk, insurance management, life insurance and non-life insurance.

Wiederholungsfragen

Fragen Sie sich, wie frühere Prüfungsfragen zu diesem Thema aussehen? Hier sind n Fragen zu Fire Insurance aus den vergangenen Jahren.

WAEC SSCE - Insurance - 2014

Frage 1 Bericht

  1. Outline three properties covered in fire insurance.
  2. Enumerate six special perils covered in fire insurance.
  3. Explain three covers provided under standard fire policy.
Antwortdetails

Three properties covered in fire insurance

  1. Buildings, such as dwelling houses, factories, offices and warehouses.
  2. Contents of buildings, such as furniture, fittings, machinery and household goods.
  3. Stock in trade, such as raw materials, work in progress and finished goods held for sale.

Six special perils covered in fire insurance

These are perils that can be added to the standard fire policy on payment of extra premium:

  1. Storm and tempest.
  2. Flood.
  3. Earthquake.
  4. Riot, strike and civil commotion.
  5. Explosion (other than boiler pressure).
  6. Bursting or overflowing of water tanks, pipes and apparatus.
  7. Aircraft and articles dropping from them.
  8. Impact by road vehicles or animals.

Three covers provided under a standard fire policy

  1. Fire: Loss or damage caused by actual ignition and burning, whether the property is destroyed or damaged by heat, flame or the water used in putting out the fire.
  2. Lightning: Damage caused by a lightning strike, whether or not it results in an actual fire, for example a building or electrical equipment shattered by lightning.
  3. Explosion: Damage caused by the explosion of gas or boilers used for domestic purposes, and explosion in premises not being part of any industrial process.
Antwort anzeigen