Aviation Insurance

Übersicht

An aircraft is one of the most expensive machines a business can own, it carries hundreds of lives at once, and it can fall on a city it has never visited. No single insurer in Nigeria, or anywhere else, could pay for all of that alone. Aviation insurance is the answer the market built: a bundle of covers that protects the aircraft, its passengers and everyone on the ground, backed by pools and reinsurers who spread one catastrophe across the whole world.

In this lesson you will meet the three covers at the heart of every aviation programme, learn the risks that make this class unlike any other, see how the Chicago and Montreal Conventions and Nigerian law shape what an airline must buy before it may fly, and understand exactly why these risks are almost always reinsured or placed with a pool. You will work through the calculations an examiner can build from a single air crash.

Ziele

  1. Identify the types of aviation insurance policy and the cover each provides
  2. Describe the risks peculiar to aviation insurance
  3. Explain the effect of international regulation on aviation insurance
  4. Explain why aviation risks are commonly re-insured or placed with a pool

Lektionshinweis

A wide bodied jet leaving Lagos may be worth more than ₦20,000,000,000. On board sit three hundred passengers, each of whom the airline is bound by law to protect. If that aircraft comes down, three losses crystallise in the same instant: the machine itself, every passenger on it, and whatever it strikes on the ground. One event, three enormous bills, all payable at once. Aviation insurance exists to answer that single frightening possibility, and the way it is built, split into covers, then shared through pools and reinsurers, follows directly from it. Understand the crash and you understand the whole class.

Unterrichtsbewertung

Herzlichen Glückwunsch zum Abschluss der Lektion über Aviation 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. Under an aviation insurance programme, loss of or damage to the aircraft itself is met by the: A. Passenger liability cover B. Hull cover C. Third-party liability cover D. Products liability cover Answer: B
  2. Goods carried by air are normally insured under a: A. Hull policy B. Hull war policy C. Marine cargo policy D. Passenger liability policy Answer: C
  3. The international convention that fixes an airline's liability to international passengers and has been adopted into Nigerian law through the Civil Aviation Act is the: A. Chicago Convention B. Rome Convention C. Montreal Convention D. Geneva Convention Answer: C
  4. An aircraft hull worth 10,000,000,000 naira is co-insured, the leading insurer taking a 20 per cent line. On a total loss the leading insurer pays: A. 10,000,000,000 naira B. 8,000,000,000 naira C. 5,000,000,000 naira D. 2,000,000,000 naira Answer: D
  5. Aviation risks are commonly reinsured chiefly because: A. premiums charged are very small B. a single event can concentrate hull, passenger and third-party losses together C. aircraft almost never suffer accidents D. the law forbids insurers from keeping any aviation risk 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.

Frühere Fragen

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

WAEC SSCE - Insurance - 2014

Frage 1 Bericht

  • Explain aviation insurance.
  • List and explain three covers provided by aviation insurance.
  • technical feasibility;
  • economic feasibility.

Antwort anzeigen