Insurance WAEC

Insurance Market And Operators

Visão Geral

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.

Objetivos

  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

Nota de Aula

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.

Avaliação da Lição

Parabéns por concluir a lição em Insurance Market And Operators. Agora que você explorou o conceitos e ideias-chave, é hora de colocar seu conhecimento à prova. Esta seção oferece uma variedade de práticas perguntas destinadas a reforçar sua compreensão e ajudá-lo a avaliar sua compreensão do material.

Irá encontrar uma mistura de tipos de perguntas, incluindo perguntas de escolha múltipla, perguntas de resposta curta e perguntas de redação. Cada pergunta é cuidadosamente elaborada para avaliar diferentes aspetos do seu conhecimento e competências de pensamento crítico.

Use esta secção de avaliação como uma oportunidade para reforçar a tua compreensão do tema e identificar quaisquer áreas onde possas precisar de estudo adicional. Não te deixes desencorajar pelos desafios que encontrares; em vez disso, vê-os como oportunidades de crescimento e melhoria.

  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

Livros Recomendados

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

Perguntas Anteriores

Pergunta-se como são as perguntas anteriores sobre este tópico? Aqui estão várias perguntas sobre Insurance Market And Operators de anos passados.

WAEC SSCE - Insurance - 2015

Pergunta 1 Relatório

Explain the following terms as used in insurance.

(a) re-insurance

(b) Loss adjusters

(c) underwriters

(d) brokers

(e) assessor

 

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