Theft And Burglary Insurance

Overzicht

A shopkeeper in Kano padlocks her store, goes home, and returns at dawn to a forced door and empty shelves. A trader two streets away simply turns his back and a stranger walks out with an unpaid phone. Both have lost goods to a thief, yet only one of them will be paid by a standard burglary policy. The difference is not luck. It is a single legal test that every claim under this class of business must pass.

This lesson shows you exactly what a theft and burglary policy covers, the precise line insurers draw between burglary and ordinary theft, the property that is protected and the property that is quietly left out, and the security precautions the insurer insists on before it will carry the risk. You will work through the calculations and the yes or no judgements that WAEC sets on this topic, and learn where candidates throw marks away.

Doelstellingen

  1. Explain the cover provided by a theft and burglary policy
  2. Distinguish theft from burglary and explain why the distinction matters to a claim
  3. Identify the properties covered and the usual exclusions
  4. Describe the precautions an insurer requires of the insured under this class of business

Lesnotitie

Every shop, warehouse, office and home in Nigeria holds property that a thief would like to carry off, and burglary is one of the losses ordinary people insure against most readily. Yet more claims are declined on this class than on almost any other, and nearly always for the same reason: the insured assumed the policy pays for any stolen item, when in truth it pays only for a particular kind of stealing. Learn where that line falls and you can predict, before the loss adjuster arrives, whether a claim will be met or refused.

Lesevaluatie

Gefeliciteerd met het voltooien van de les op Theft And Burglary Insurance. 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 insurance, the feature that distinguishes burglary from simple theft is: A. The value of the property stolen B. Forcible and violent entry to or exit from the premises C. The time of day the loss occurs D. Whether the police are informed Answer: B
  2. Which loss would a standard theft and burglary policy normally NOT pay? A. Goods taken after thieves broke a padlock and forced the door B. A customer walking out of an open shop with an unpaid item C. Stock removed after a window was smashed at night D. Property taken after burglars forced their way out through the roof Answer: B
  3. Which item is usually EXCLUDED from a standard burglary policy unless it is specially declared? A. Office furniture B. Trading stock C. Cash and jewellery D. Shop fittings Answer: C
  4. A policy condition requiring the insured to keep a burglar alarm in working order is best described as a: A. Warranty B. Premium C. Franchise D. Proximate cause Answer: A
  5. Stock worth 5,000,000 naira is insured for 4,000,000 naira under a burglary policy subject to average. Burglars steal goods worth 1,000,000 naira. How much will the insurer pay? A. 1,000,000 naira B. 800,000 naira C. 750,000 naira D. 500,000 naira 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.