Insurance WAEC

Perils

Muhtasari

Ask a shopkeeper what her fire policy covers and she will say fire. Ask her whether it pays when the fire brigade floods her stock with water to put out a blaze next door, and she will hesitate. The answer turns on a single word that runs through every claim ever settled: the peril, the actual cause of the loss, and whether the policy names it as covered, says nothing about it, or shuts it out.

In this lesson you will learn exactly what a peril is and how it differs from a risk and a hazard, meet the three families of peril that decide every claim (insured, uninsured and excepted), and master the doctrine of proximate cause, the rule that examiners use to ask whether a given loss is payable. Get the peril right and you can predict the insurer's answer before the claims officer opens the file.

Malengo

  1. Define a peril and give examples of insured and excepted perils
  2. Distinguish clearly among a peril, a risk and a hazard
  3. Explain how the peril insured against determines whether a claim is payable
  4. Classify given events correctly as perils, risks or hazards

Ramani ya mawazo

Mada hii imechorwa ili uone jinsi mawazo yanavyounganika.

Kadi za kumbukumbu

Mazoezi ya haraka ya kumbukumbu kuhusu kinachopimwa katika mada hii.

Maelezo ya Somo

A draper in Lagos insures her shop against fire. One night a fire starts in the lock-up next door, and the fire service pours water through her doorway to stop the flames spreading. Her stock is never touched by fire at all, yet it is ruined by water. She reads her policy, sees the word fire and not the word water, and assumes she cannot claim. She is wrong, and the reason she is wrong is the whole of this topic. What a policy pays for is not decided by the immediate cause of the damage but by the peril that set the chain of events in motion, and whether that peril is one the policy insured. Learn to read the peril and you can read the claim.

Tathmini ya Somo

Hongera kwa kukamilisha somo la Perils. Sasa kwa kuwa umechunguza dhana na mawazo muhimu, ni wakati wa kuweka ujuzi wako kwa mtihani. Sehemu hii inatoa mazoezi mbalimbali maswali yaliyoundwa ili kuimarisha uelewaji wako na kukusaidia kupima ufahamu wako wa nyenzo.

Utakutana na mchanganyiko wa aina mbalimbali za maswali, ikiwemo maswali ya kuchagua jibu sahihi, maswali ya majibu mafupi, na maswali ya insha. Kila swali limebuniwa kwa umakini ili kupima vipengele tofauti vya maarifa yako na ujuzi wa kufikiri kwa makini.

Tumia sehemu hii ya tathmini kama fursa ya kuimarisha uelewa wako wa mada na kubaini maeneo yoyote ambapo unaweza kuhitaji kusoma zaidi. Usikatishwe tamaa na changamoto zozote utakazokutana nazo; badala yake, zitazame kama fursa za kukua na kuboresha.

  1. A peril is best described as: A. The uncertainty that a loss will occur B. A condition that makes a loss more likely C. The actual cause of a loss D. The amount payable when a loss occurs Answer: C
  2. Which of the following is an excepted peril under a standard fire policy? A. Lightning B. Explosion C. War D. Fire Answer: C
  3. A fire breaks out and the fire service uses water to put it out, ruining the insured stock. Under a fire policy, the proximate cause of the loss is: A. Water B. Fire C. The fire service D. Negligence Answer: B
  4. Which of the following is a peril rather than a hazard? A. Worn brake pads B. Storing petrol indoors C. Theft D. A watchman who sleeps on duty Answer: C
  5. A fire policy expressly excludes riot. During a riot, a mob sets the insured shop on fire and it is destroyed. The insurer will: A. Pay in full, because fire is insured B. Pay half the loss C. Pay nothing, because the proximate cause is riot D. Pay only the value of the building Answer: C

Vitabu Vinavyopendekezwa

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

Maswali ya Marudio

Unajiuliza maswali ya zamani kuhusu mada hii yanaonekanaje? Hapa kuna idadi ya maswali kuhusu Perils kutoka miaka iliyopita.

WAEC SSCE - Insurance - 2015

Swali 1 Ripoti

Explain the following terms under marine insurance:

(a) hull policy

(b) cargo policy

(c) freight policy

(d) marine perils

(e) average

Maelezo ya Majibu

Meaning of the terms under marine insurance:

  1. Hull policy: This is the marine policy that covers loss of or damage to the ship or vessel itself, together with its machinery, equipment and fittings, against marine perils such as sinking, collision, stranding and fire.
  2. Cargo policy: This is the policy that covers loss of or damage to the goods or merchandise carried on board the vessel during the voyage, protecting the cargo owner against perils such as water damage, jettison, theft and total loss.
  3. Freight policy: This is the policy that covers the shipowner against the loss of freight, that is the money payable to him for carrying the cargo, which he would forfeit if the cargo or ship were lost before the freight was earned.
  4. Marine perils: These are the dangers or fortuitous events peculiar to a sea voyage against which marine insurance provides cover, for example storms, collision, stranding, fire, jettison, piracy and barratry.
  5. Average: In marine insurance average means a partial loss. It is of two kinds: particular average, a partial loss falling on one interest alone, and general average, a loss deliberately and reasonably incurred for the common safety of the whole adventure, which is shared rateably by all the interests saved.
Tazama Jibu