Insurance WAEC

Insurance Market And Operators

Overzicht

Buying insurance can feel like dealing with one faceless company, but behind every motor cover note or fire policy stands a whole marketplace of specialists. Some sell risk, some carry it, some carry the carriers, and a quiet crowd of experts prices, inspects and settles it. Knowing who is who is the difference between a candidate who guesses and one who understands how a Nigerian risk actually gets placed.

In this lesson you will map the insurance market from the buyer at the bottom to the reinsurer at the top, learn the roles of insurers, reinsurers, brokers and agents, and meet the supporting operators such as loss adjusters, actuaries and surveyors. Above all you will settle the one distinction examiners test almost every year: a broker acts for the insured, while an agent acts for the insurer.

Doelstellingen

  1. Describe the structure of the insurance market and identify its operators
  2. Distinguish the sellers of insurance from the buyers
  3. Explain the roles of insurers, re-insurers, brokers and agents
  4. Describe the supporting services in the market, including loss adjusters, actuaries and surveyors
  5. Explain how the parts of the market work together to place a risk

Lesnotitie

A hotel owner in Uyo wants to insure her new building. She telephones a man who once sold her a motor policy, signs whatever he brings, and thinks she has dealt with her insurer. She has not. She has dealt with an intermediary, and whether that intermediary was working for her or for the insurance company will decide who is to blame if the cover turns out to be wrong. The insurance market is a chain of distinct operators, each with a defined job. Learn the chain and you can answer half of what WAEC asks on this topic before you read the rest of the question.

Lesevaluatie

Gefeliciteerd met het voltooien van de les op Insurance Market And Operators. 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. In the insurance market, an insurance broker acts as the agent of the: A. Insurer B. Insured C. Reinsurer D. Regulator Answer: B
  2. Which of the following best describes a reinsurer? A. A broker who deals only in large risks B. A company that insures members of the public directly C. A company that accepts risk ceded to it by an insurer D. A government body that regulates insurers Answer: C
  3. A large factory fire claim is to be investigated on behalf of the insurance company. The operator appointed is a: A. Loss assessor B. Loss adjuster C. Surveyor D. Actuary Answer: B
  4. An insurer can retain 40,000,000 naira on a risk and reinsures the balance of a 100,000,000 naira cover. If the reinsurer bears the same proportion of any loss as of the risk, its share of a 50,000,000 naira loss is: A. 20,000,000 naira B. 30,000,000 naira C. 40,000,000 naira D. 50,000,000 naira Answer: B
  5. Which supporting operator uses statistics and probability to calculate premiums and reserves? A. Surveyor B. Loss adjuster C. Actuary D. Broker Answer: C

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.

Eerdere Vragen

Benieuwd hoe eerdere vragen over dit onderwerp eruitzien? Hier zijn een aantal vragen over Insurance Market And Operators van voorgaande jaren.

WAEC SSCE - Insurance - 2015

Vraag 1 Verslag

Explain the following terms as used in insurance.

(a) re-insurance

(b) Loss adjusters

(c) underwriters

(d) brokers

(e) assessor

 

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