Insurance WAEC

Marine Insurance

Bayani Gaba-gaba

Marine insurance is the grandparent of the whole industry. Long before anyone thought to insure a house against fire or a life against death, merchants were pooling the risk of ships that might never return. Today it quietly underpins almost everything Nigeria buys and sells abroad: the fuel, the machinery, the rice and the cars that cross the ocean to reach Lagos and Onne all travel under a marine policy.

In this lesson you will learn what marine insurance actually covers: the perils of the sea and the excepted perils it leaves out, the four interests it protects (hull, cargo, freight and liability), and the ways a policy can be timed by voyage or by period. You will settle a general average claim step by step, discover why a marine policyholder need own the goods only at the moment of loss, and see why no cargo leaves a port without this cover.

Manufura

  1. Identify the marine perils and distinguish them from excepted perils
  2. Describe hull, cargo and freight cover and state what each protects
  3. Explain the operation of a marine policy in relation to a voyage and to a period of time
  4. Explain the importance of marine insurance to international trade

Taswirar tunani

An zana wannan batu don ka ga yadda ra'ayoyi ke hadewa.

Katunan tunawa

Gwaji mai sauri kan abin da ake jarraba a wannan batu.

Takardar Darasi

A trader in Kano orders forty thousand dollars of textiles from Guangzhou. The container is loaded at sea, and three weeks later a storm off the Cape forces the master to throw part of the deck cargo overboard to keep the vessel upright. Her bales survive, but when the ship berths in Lagos she is handed a bill: she must contribute towards the cargo that was sacrificed to save the voyage. She is baffled. She lost nothing, so why must she pay? The answer lies in the oldest branch of insurance there is, and in a rule about shared sacrifice that has governed sea trade for centuries. Understand marine insurance and you understand how goods move safely across an ocean that owes no one a calm passage.

Nazarin Darasi

Barka da kammala darasi akan Marine Insurance. Yanzu da kuka bincika mahimman raayoyi da raayoyi, lokaci yayi da zaku gwada ilimin ku. Wannan sashe yana ba da ayyuka iri-iri Tambayoyin da aka tsara don ƙarfafa fahimtar ku da kuma taimaka muku auna fahimtar ku game da kayan.

Za ka gamu da haɗe-haɗen nau'ikan tambayoyi, ciki har da tambayoyin zaɓi da yawa, tambayoyin gajeren amsa, da tambayoyin rubutu. Kowace tambaya an ƙirƙira ta da kyau don auna fannoni daban-daban na iliminka da ƙwarewar tunani mai zurfi.

Yi wannan ɓangaren na kimantawa a matsayin wata dama don ƙarfafa fahimtarka kan batun kuma don gano duk wani yanki da kake buƙatar ƙarin karatu. Kada ka yanke ƙauna da duk wani ƙalubale da ka fuskanta; maimakon haka, ka kallesu a matsayin damar haɓaka da ingantawa.

  1. Which of the following is NOT one of the interests protected by marine insurance? A. Hull B. Cargo C. Freight D. Goodwill Answer: D
  2. A marine policy that covers a ship for a stated period, usually one year, wherever it sails, is called a: A. Voyage policy B. Time policy C. Floating policy D. Valued policy Answer: B
  3. The deliberate throwing of cargo overboard to save a ship in danger is known as: A. Barratry B. Jettison C. Salvage D. Abandonment Answer: B
  4. To save a sinking vessel, cargo worth 5,000,000 naira is jettisoned. The owner's interest is one-tenth of the total value in the venture. How much of the sacrifice does the owner ultimately bear? A. 5,000,000 naira B. 4,500,000 naira C. 500,000 naira D. Nothing Answer: C
  5. Which of the following is an excepted peril in marine insurance? A. Storm B. Collision C. Inherent vice D. Stranding Answer: C

Littattafan da ake ba da shawarar karantawa

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

Tambayoyin Sake Nazari

Kana ka na mamaki yadda tambayoyin baya na wannan batu suke? Ga wasu tambayoyi da suka shafi Marine Insurance daga shekarun baya.

WAEC SSCE - Insurance - 2015

Tambaya 1 Rahoto

Explain the following terms under marine insurance:

(a) hull policy

(b) cargo policy

(c) freight policy

(d) marine perils

(e) average

Bayanin Amsa

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.
Duba Amsa