Fire Insurance

Overzicht

Fire ruins more Nigerian businesses in an afternoon than almost any other single event: a market razed in Kano, a warehouse gutted in Aba, a block of shops lost in Onitsha. Fire insurance is the cover that rebuilds after that afternoon. Yet the word fire has a surprisingly strict meaning on a policy, and a claim can fail simply because the loss was heat without flame, or a fire that stayed exactly where it was supposed to be.

In this lesson you will learn what a standard fire policy actually promises, the three perils it always covers, and the famous three-part test that decides whether a loss even counts as a fire. You will see which special perils can be bolted on for extra premium, which perils are excepted forever, and exactly whose property fire insurance is written for. Master this and you can settle any fire scenario an examiner sets.

Doelstellingen

  1. Describe the standard fire policy and state the perils it covers
  2. Explain the meaning of fire, lightning and explosion as insured perils
  3. Identify the special perils that may be added to a standard fire policy
  4. State the properties that may be insured and identify the typical buyers of fire insurance

Lesnotitie

A cloth trader in Balogun Market keeps ₦9,000,000 of stock in a lock-up shop. One night a faulty socket sparks, the fitting catches, and by morning the shop is a shell. If she holds a fire policy she rebuilds the business. If she does not, the loss is hers alone. That is the plain purpose of fire insurance. But notice the detail hiding in the story: a spark, a fitting that caught, a flame that spread where it should not. Change any one of those details and the answer to whether the policy pays can change with it. Fire insurance rewards the student who knows precisely what a fire is.

Lesevaluatie

Gefeliciteerd met het voltooien van de les op Fire 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 its pure form, a standard fire policy covers: A. Fire, flood and storm B. Fire, lightning and explosion of domestic boilers or gas C. Fire, riot and burglary D. Fire, earthquake and aircraft damage Answer: B
  2. For a loss to count as a fire under a fire policy, which of the following is NOT required? A. Actual ignition B. An accidental origin C. Something not meant to be on fire D. Damage exceeding the sum insured Answer: D
  3. Which of the following is a special peril rather than a standard one? A. Lightning B. Fire C. Flood D. Explosion of domestic gas Answer: C
  4. A trader deliberately sets fire to his own shop to claim on his fire policy. The claim will be: A. Paid in full B. Paid after deducting an excess C. Rejected, because the fire was not accidental in origin D. Paid only for the building, not the stock Answer: C
  5. Which of the following is an excepted peril under a fire and special perils policy? A. Storm B. War C. Burst water pipe D. Impact by a vehicle 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.

Eerdere Vragen

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

WAEC SSCE - Insurance - 2014

Vraag 1 Verslag

  1. Outline three properties covered in fire insurance.
  2. Enumerate six special perils covered in fire insurance.
  3. Explain three covers provided under standard fire policy.

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