Insurance WAEC

Cover Notes

Übersicht

You have paid your motor premium this morning, but the full policy document will take a week to print. Are you insured right now, today, on the drive home? The answer is yes, and the single sheet of paper that proves it is the cover note. It is small, it is temporary, and it does one big job: it holds your cover in place during the gap between saying yes to insurance and receiving the thick policy that spells everything out.

In this lesson you will learn exactly what a cover note is, the moment an insurer reaches for one, and the handful of details it must carry to be worth anything. You will see why a claim made while only a cover note exists is still paid in full, how a Nigerian motorist uses it to license a vehicle and satisfy the police, and how to tell it apart from the two documents students most often confuse it with: the policy and the certificate of insurance.

Ziele

  1. Define a cover note and explain when an insurer issues one
  2. State the contents of a cover note
  3. Explain the functions and uses of a cover note as evidence of temporary cover
  4. Distinguish a cover note from a policy and from a certificate of insurance

Lektionshinweis

Emeka walks into an insurance office in Enugu on a Monday, insures his new delivery van, and pays the premium in full. He needs the van on the road that afternoon to move goods, and the law says he cannot drive without insurance. Yet a proper motor policy runs to many pages and will not be ready for days. Is Emeka stranded? He is not. The insurer hands him a cover note, and from that moment his van is insured. Understand the cover note and you understand how insurance protects people in the anxious gap before the real policy lands in their hands.

Unterrichtsbewertung

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

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

  1. A cover note is best described as: A. The full and permanent contract of insurance B. Temporary evidence that cover has begun, pending the policy C. A demand for payment of premium D. A statutory proof of compulsory motor insurance Answer: B
  2. An insurer would normally issue a cover note when: A. The claim has already been settled B. The insured has cancelled the insurance C. Cover must start before the full policy can be prepared D. The premium has not been paid at all Answer: C
  3. Which of the following is the MOST important item on a cover note? A. The colour of the document B. The period of cover C. The name of the insurer's chairman D. The office address of the broker Answer: B
  4. A fire occurs while only a valid cover note exists and no policy has yet been issued. The insurer should: A. Reject the claim because no policy exists B. Pay the claim, since the cover note is a binding contract for its period C. Pay only half of the claim D. Wait until the policy is printed before deciding Answer: B
  5. The document that a Nigerian motorist must produce to the police as legal proof of compulsory third party cover is the: A. Cover note B. Proposal form C. Certificate of insurance D. Receipt Answer: C

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 Cover Notes aus den vergangenen Jahren.

WAEC SSCE - Insurance - 2015

Frage 1 Bericht

(a)List seven contents of a certificate of insurance.

(b)State four characteristics of a cover note.

Antwort anzeigen