Insurance WAEC

Policy

Overzicht

When a claim is disputed, nobody argues over what was said across the counter. Everyone turns to one document: the policy. It is the black and white record of the bargain, and knowing how to read it is the difference between a candidate who guesses and one who can point to the exact clause that settles the matter.

This lesson opens the policy up and shows you what each part is for. You will learn why lawyers call the policy evidence of the contract rather than the contract itself, you will meet its seven parts in the order they appear, from the heading down to the signature, and you will learn who the parties to a policy are and what each of them stands to gain or lose.

Doelstellingen

  1. Define an insurance policy and explain its status as evidence of the contract
  2. Identify the component parts of a policy: heading, recital, operative clause, exceptions, conditions and schedule
  3. State the purpose of each component part
  4. Identify the parties to a policy and explain the interest of each

Mindmap

Dit onderwerp is in kaart gebracht zodat je ziet hoe de ideeen samenhangen.

Flashcards

Snelle geheugentraining op wat bij dit onderwerp getoetst wordt.

Lesnotitie

Emeka insures his provision store in Nnewi against fire. A year later a fire started by rioters guts the shop. He files a claim, certain he is covered, and the insurer declines. Emeka is furious until his broker turns to a single page of the document and shows him one short paragraph that quietly took riot out of the cover. The paragraph was always there. Emeka had simply never read his policy. Learn how a policy is built and you can read any one of them, tell at a glance what is covered and what is not, and answer the examiner's favourite question: which part of a policy does this job?

Lesevaluatie

Gefeliciteerd met het voltooien van de les op Policy. Nu je de sleutelconcepten en ideeën, het is tijd om uw kennis op de proef te stellen. Deze sectie biedt een verscheidenheid aan oefeningen vragen die bedoeld zijn om uw begrip te vergroten en u te helpen uw begrip van de stof te peilen.

Je zult een mix van vraagtypen tegenkomen, waaronder meerkeuzevragen, korte antwoordvragen en essayvragen. Elke vraag is zorgvuldig samengesteld om verschillende aspecten van je kennis en kritisch denkvermogen te beoordelen.

Gebruik dit evaluatiegedeelte als een kans om je begrip van het onderwerp te versterken en om gebieden te identificeren waar je mogelijk extra studie nodig hebt. Laat je niet ontmoedigen door eventuele uitdagingen die je tegenkomt; beschouw ze in plaats daarvan als kansen voor groei en verbetering.

  1. The part of an insurance policy that states the actual cover granted by the insurer is the: A. Heading B. Operative clause C. Schedule D. Attestation Answer: B
  2. Which part of a policy carries the sum insured, the premium and the period of cover for a particular customer? A. Recital B. Exceptions C. Schedule D. Conditions Answer: C
  3. An insurance policy is best described as: A. The contract itself B. Evidence of the contract C. An offer to contract D. A proposal for insurance Answer: B
  4. Which of the following is NOT a component part of an insurance policy? A. Recital B. Operative clause C. Proposal form D. Schedule Answer: C
  5. The two principal parties to an insurance policy are the: A. Insurer and the broker B. Insurer and the insured C. Insured and the beneficiary D. Broker and the third party Answer: B

Aanbevolen Boeken

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

Herhalingsvragen

Benieuwd hoe eerdere vragen over dit onderwerp eruitzien? Hier zijn een aantal vragen over Policy van voorgaande jaren.

WAEC SSCE - Insurance - 2015

Vraag 1 Verslag

List and explain three types of endowment policy.

Antwoorddetails

Three types of endowment policy

  1. Pure (ordinary) endowment policy: Under this policy the sum assured is paid on the death of the life assured within the term or on his survival to the end of the fixed term, whichever comes first. It combines protection with saving and is the basic form of endowment.
  2. With-profit (participating) endowment policy: This is an endowment under which, in addition to the guaranteed sum assured, the policyholder shares in the profits of the insurer through bonuses added to the policy. It pays a larger amount at maturity but attracts a higher premium.
  3. Without-profit (non-participating) endowment policy: Under this policy only the fixed sum assured is payable at death or maturity, with no share in the insurer's profits. Its premiums are lower than those of the with-profit type.

Other recognised forms include the joint-life endowment, taken on two lives (for example husband and wife) with the sum payable on the first death or at maturity, and the double endowment, which pays twice the sum assured on survival to maturity but the single sum on earlier death.

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