Fire Insurance

Aperçu

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.

Objectifs

  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

Note de cours

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.

Évaluation de la leçon

Félicitations, vous avez terminé la leçon sur Fire 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 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

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 précédentes

Vous vous demandez à quoi ressemblent les questions passées sur ce sujet ? Voici plusieurs questions sur Fire Insurance des années précédentes.

WAEC SSCE - Insurance - 2014

Question 1 Rapport

  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.

Voir la réponse