Benefits Of Insurance

Bayani Gaba-gaba

Insurance looks, at first glance, like a private arrangement between one worried person and one company. In truth its good spreads far wider than that. The same premium that buys a Lagos trader a good night's sleep also helps a bank lend, keeps a factory open after a fire, pays the salaries of thousands of agents, and quietly builds the roads and bonds the whole country uses. Benefit flows outward, from the individual, to business, to the nation.

In this lesson you will learn to sort those benefits into their three tiers and defend each one. You will see how insurance manufactures the confidence to trade and to borrow, how the premiums of millions are pooled into long-term investment funds, and how a healthy insurance market feeds employment and national development. These are the marks WAEC hands out almost every year to candidates who can go beyond a bare list.

Manufura

  1. Explain the benefits of insurance to the individual, the business and the nation
  2. Describe how insurance promotes business confidence, credit and continuity of trade
  3. Explain how insurance mobilises savings into long-term investment funds
  4. Evaluate the contribution of insurance to employment and to national economic development

Takardar Darasi

Ask a market woman in Aba why insurance matters and she will tell you it pays when her shop burns. She is right, but she has named only the first and smallest of its benefits. The premium she pays does not sit idle in a vault. It joins the premiums of hundreds of thousands of others, and that great pool of money lets banks lend against insured collateral, lets a manufacturer reopen after a disaster instead of closing for good, employs an army of agents and clerks, and is invested in bonds that build power stations and roads. WAEC does not want a list of four words. It wants you to trace that benefit outward through three tiers, from one person to the whole economy, and to justify each step.

Nazarin Darasi

Barka da kammala darasi akan Benefits Of 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 a benefit of insurance to the individual? A. Provision of employment for actuaries B. Generation of foreign exchange C. Peace of mind D. Investment of funds in government bonds Answer: C
  2. Insurance is said to provide a basis for credit because: A. Insurers lend money directly to traders B. A policy can be assigned to a bank as security for a loan C. Premiums are refunded when no loss occurs D. Insurers guarantee that businesses will make a profit Answer: B
  3. An insurer collects premium income of 6,000,000,000 naira and holds 30% as investable funds. How much is available for investment? A. 1,200,000,000 naira B. 1,800,000,000 naira C. 2,000,000,000 naira D. 3,000,000,000 naira Answer: B
  4. The mobilisation of savings by insurers refers to: A. Paying claims promptly to policyholders B. Charging an equitable premium for each risk C. Gathering many small premiums into a large investment pool D. Transferring risk from the insured to the insurer Answer: C
  5. Which of the following is mainly a benefit of insurance to the national economy? A. Savings through an endowment policy B. Provision of employment and capital for development C. Reduction of a family's anxiety after a death D. Continuity of a single trader's business Answer: B

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 Da Suka Wuce

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

WAEC SSCE - Insurance - 2018

Tambaya 1 Rahoto

(a) Outline three features of life assurance.

(b) State three benefits each of life assurance to the;
(i) individuals
(ii) government 
 

Duba Amsa