Insurance WAEC

Perils

Aperçu

Ask a shopkeeper what her fire policy covers and she will say fire. Ask her whether it pays when the fire brigade floods her stock with water to put out a blaze next door, and she will hesitate. The answer turns on a single word that runs through every claim ever settled: the peril, the actual cause of the loss, and whether the policy names it as covered, says nothing about it, or shuts it out.

In this lesson you will learn exactly what a peril is and how it differs from a risk and a hazard, meet the three families of peril that decide every claim (insured, uninsured and excepted), and master the doctrine of proximate cause, the rule that examiners use to ask whether a given loss is payable. Get the peril right and you can predict the insurer's answer before the claims officer opens the file.

Objectifs

  1. Define a peril and give examples of insured and excepted perils
  2. Distinguish clearly among a peril, a risk and a hazard
  3. Explain how the peril insured against determines whether a claim is payable
  4. Classify given events correctly as perils, risks or hazards

Carte mentale

Ce theme est schematise pour montrer comment les idees se relient.

Cartes memoire

Entrainement rapide sur les faits evalues dans ce theme.

Note de cours

A draper in Lagos insures her shop against fire. One night a fire starts in the lock-up next door, and the fire service pours water through her doorway to stop the flames spreading. Her stock is never touched by fire at all, yet it is ruined by water. She reads her policy, sees the word fire and not the word water, and assumes she cannot claim. She is wrong, and the reason she is wrong is the whole of this topic. What a policy pays for is not decided by the immediate cause of the damage but by the peril that set the chain of events in motion, and whether that peril is one the policy insured. Learn to read the peril and you can read the claim.

Évaluation de la leçon

Félicitations, vous avez terminé la leçon sur Perils. Maintenant que vous avez exploré le concepts et idées clés, il est temps de mettre vos connaissances à lépreuve. Cette section propose une variété de pratiques des questions conçues pour renforcer votre compréhension et vous aider à évaluer votre compréhension de la matière.

Vous rencontrerez un mélange de types de questions, y compris des questions à choix multiple, des questions à réponse courte et des questions de rédaction. Chaque question est soigneusement conçue pour évaluer différents aspects de vos connaissances et de vos compétences en pensée critique.

Utilisez cette section d'évaluation comme une occasion de renforcer votre compréhension du sujet et d'identifier les domaines où vous pourriez avoir besoin d'étudier davantage. Ne soyez pas découragé par les défis que vous rencontrez ; considérez-les plutôt comme des opportunités de croissance et d'amélioration.

  1. A peril is best described as: A. The uncertainty that a loss will occur B. A condition that makes a loss more likely C. The actual cause of a loss D. The amount payable when a loss occurs Answer: C
  2. Which of the following is an excepted peril under a standard fire policy? A. Lightning B. Explosion C. War D. Fire Answer: C
  3. A fire breaks out and the fire service uses water to put it out, ruining the insured stock. Under a fire policy, the proximate cause of the loss is: A. Water B. Fire C. The fire service D. Negligence Answer: B
  4. Which of the following is a peril rather than a hazard? A. Worn brake pads B. Storing petrol indoors C. Theft D. A watchman who sleeps on duty Answer: C
  5. A fire policy expressly excludes riot. During a riot, a mob sets the insured shop on fire and it is destroyed. The insurer will: A. Pay in full, because fire is insured B. Pay half the loss C. Pay nothing, because the proximate cause is riot D. Pay only the value of the building Answer: C

Livres recommandés

Principles of Risk Management and Insurance
Principles of Risk Management and Insurance
Sous-titre: Thirteenth edition
Éditeur: Pearson
Année: 2016
ISBN: 978-0-13-408257-8
Description: 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
Sous-titre: Tenth edition
Éditeur: Wiley
Année: 2008
ISBN: 978-0-470-08753-4
Description: 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
Sous-titre: Second edition
Éditeur: Himalaya Publishing House
Année: 2017
ISBN: 978-93-5097-079-9
Description: An accessible treatment of insurance in four parts: the basics of risk, insurance management, life insurance and non-life insurance.

Questions de révision

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WAEC SSCE - Insurance - 2015

Question 1 Rapport

Explain the following terms under marine insurance:

(a) hull policy

(b) cargo policy

(c) freight policy

(d) marine perils

(e) average

Détails de la réponse

Meaning of the terms under marine insurance:

  1. Hull policy: This is the marine policy that covers loss of or damage to the ship or vessel itself, together with its machinery, equipment and fittings, against marine perils such as sinking, collision, stranding and fire.
  2. Cargo policy: This is the policy that covers loss of or damage to the goods or merchandise carried on board the vessel during the voyage, protecting the cargo owner against perils such as water damage, jettison, theft and total loss.
  3. Freight policy: This is the policy that covers the shipowner against the loss of freight, that is the money payable to him for carrying the cargo, which he would forfeit if the cargo or ship were lost before the freight was earned.
  4. Marine perils: These are the dangers or fortuitous events peculiar to a sea voyage against which marine insurance provides cover, for example storms, collision, stranding, fire, jettison, piracy and barratry.
  5. Average: In marine insurance average means a partial loss. It is of two kinds: particular average, a partial loss falling on one interest alone, and general average, a loss deliberately and reasonably incurred for the common safety of the whole adventure, which is shared rateably by all the interests saved.
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