Policy

Visão Geral

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.

Objetivos

  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

Nota de Aula

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?

Avaliação da Lição

Parabéns por concluir a lição em Policy. 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. 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

Livros Recomendados

Principles of Risk Management and Insurance
Principles of Risk Management and Insurance
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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 Policy de anos passados.

WAEC SSCE - Insurance - 2015

Pergunta 1 Relatório

List and explain three types of endowment policy.

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