Insurance Renewals
Muhtasari
Most general insurance runs for one year and then quietly ends. If you want the cover to carry on, you have to renew it, and the few weeks around each renewal date decide whether you are protected or exposed. Miss the date on a motor policy and you are not merely uninsured, you are breaking the law the moment you drive out of your compound.
In this lesson you will learn what a renewal notice is and why insurers send one, the step by step renewal procedure, and the meaning of the days of grace (and the classes they do not cover). You will see how a no claim discount rewards careful policyholders, why a trader might sign a long-term agreement, and exactly what a policyholder loses by letting a policy lapse. Worked calculations show you how examiners test each of these.
Malengo
- Explain the purpose of a renewal notice and describe the renewal procedure
- Explain the operation and purpose of a no claim discount
- Describe a long-term agreement and state the benefit to the insured and to the insurer
- Explain the consequences of allowing a policy to lapse at renewal
Maelezo ya Somo
Jisajili ili Uendelee
Tengeneza akaunti ya bure ili kupata rasilimali zote za kujifunza, maswali ya mazoezi, na kufuatilia maendeleo yako.
Tathmini ya Somo
Hongera kwa kukamilisha somo la Insurance Renewals. 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.
- A renewal notice is best described as a document which: A. Legally compels the insurer to renew the policy B. Reminds the policyholder that the policy is due for renewal and invites payment C. Transfers the policy to a new insurer D. Cancels the existing policy Answer: B
- Days of grace at renewal do NOT apply to: A. Fire insurance B. Life assurance C. Motor insurance D. Household contents insurance Answer: C
- A no claim discount is granted to a policyholder who: A. Insures for less than the full value B. Made no claim during the preceding period of insurance C. Pays the premium in one lump sum D. Holds more than one policy with the insurer Answer: B
- A basic motor premium is 80,000 naira and the policyholder has earned a 25% no claim discount. The renewal premium payable is: A. 80,000 naira B. 60,000 naira C. 55,000 naira D. 20,000 naira Answer: B
- The main benefit of a long-term agreement to the insured is: A. Freedom to change insurer at any time B. A discount on the premium for each year of the agreement C. Exemption from paying any premium D. Automatic increase in the sum insured Answer: B
Jisajili ili Uendelee
Tengeneza akaunti ya bure ili kupata rasilimali zote za kujifunza, maswali ya mazoezi, na kufuatilia maendeleo yako.
Jisajili ili Uendelee
Tengeneza akaunti ya bure ili kupata rasilimali zote za kujifunza, maswali ya mazoezi, na kufuatilia maendeleo yako.
