Theft And Burglary Insurance

Aperçu

A shopkeeper in Kano padlocks her store, goes home, and returns at dawn to a forced door and empty shelves. A trader two streets away simply turns his back and a stranger walks out with an unpaid phone. Both have lost goods to a thief, yet only one of them will be paid by a standard burglary policy. The difference is not luck. It is a single legal test that every claim under this class of business must pass.

This lesson shows you exactly what a theft and burglary policy covers, the precise line insurers draw between burglary and ordinary theft, the property that is protected and the property that is quietly left out, and the security precautions the insurer insists on before it will carry the risk. You will work through the calculations and the yes or no judgements that WAEC sets on this topic, and learn where candidates throw marks away.

Objectifs

  1. Explain the cover provided by a theft and burglary policy
  2. Distinguish theft from burglary and explain why the distinction matters to a claim
  3. Identify the properties covered and the usual exclusions
  4. Describe the precautions an insurer requires of the insured under this class of business

Note de cours

Every shop, warehouse, office and home in Nigeria holds property that a thief would like to carry off, and burglary is one of the losses ordinary people insure against most readily. Yet more claims are declined on this class than on almost any other, and nearly always for the same reason: the insured assumed the policy pays for any stolen item, when in truth it pays only for a particular kind of stealing. Learn where that line falls and you can predict, before the loss adjuster arrives, whether a claim will be met or refused.

Évaluation de la leçon

Félicitations, vous avez terminé la leçon sur Theft And Burglary Insurance. 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. In insurance, the feature that distinguishes burglary from simple theft is: A. The value of the property stolen B. Forcible and violent entry to or exit from the premises C. The time of day the loss occurs D. Whether the police are informed Answer: B
  2. Which loss would a standard theft and burglary policy normally NOT pay? A. Goods taken after thieves broke a padlock and forced the door B. A customer walking out of an open shop with an unpaid item C. Stock removed after a window was smashed at night D. Property taken after burglars forced their way out through the roof Answer: B
  3. Which item is usually EXCLUDED from a standard burglary policy unless it is specially declared? A. Office furniture B. Trading stock C. Cash and jewellery D. Shop fittings Answer: C
  4. A policy condition requiring the insured to keep a burglar alarm in working order is best described as a: A. Warranty B. Premium C. Franchise D. Proximate cause Answer: A
  5. Stock worth 5,000,000 naira is insured for 4,000,000 naira under a burglary policy subject to average. Burglars steal goods worth 1,000,000 naira. How much will the insurer pay? A. 1,000,000 naira B. 800,000 naira C. 750,000 naira D. 500,000 naira Answer: B

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