Benefits Of Insurance

Akopọ

Insurance looks, at first glance, like a private arrangement between one worried person and one company. In truth its good spreads far wider than that. The same premium that buys a Lagos trader a good night's sleep also helps a bank lend, keeps a factory open after a fire, pays the salaries of thousands of agents, and quietly builds the roads and bonds the whole country uses. Benefit flows outward, from the individual, to business, to the nation.

In this lesson you will learn to sort those benefits into their three tiers and defend each one. You will see how insurance manufactures the confidence to trade and to borrow, how the premiums of millions are pooled into long-term investment funds, and how a healthy insurance market feeds employment and national development. These are the marks WAEC hands out almost every year to candidates who can go beyond a bare list.

Awọn Afojusun

  1. Explain the benefits of insurance to the individual, the business and the nation
  2. Describe how insurance promotes business confidence, credit and continuity of trade
  3. Explain how insurance mobilises savings into long-term investment funds
  4. Evaluate the contribution of insurance to employment and to national economic development

Akọ̀wé Ẹ̀kọ́

Ask a market woman in Aba why insurance matters and she will tell you it pays when her shop burns. She is right, but she has named only the first and smallest of its benefits. The premium she pays does not sit idle in a vault. It joins the premiums of hundreds of thousands of others, and that great pool of money lets banks lend against insured collateral, lets a manufacturer reopen after a disaster instead of closing for good, employs an army of agents and clerks, and is invested in bonds that build power stations and roads. WAEC does not want a list of four words. It wants you to trace that benefit outward through three tiers, from one person to the whole economy, and to justify each step.

Ìdánwò Ẹ̀kọ́

Oriire fun ipari ẹkọ lori Benefits Of Insurance. Ni bayi ti o ti ṣawari naa awọn imọran bọtini ati awọn imọran, o to akoko lati fi imọ rẹ si idanwo. Ẹka yii nfunni ni ọpọlọpọ awọn adaṣe awọn ibeere ti a ṣe lati fun oye rẹ lokun ati ṣe iranlọwọ fun ọ lati ṣe iwọn oye ohun elo naa.

Iwọ yoo pade adalu awọn iru ibeere, pẹlu awọn ibeere olumulo pupọ, awọn ibeere idahun kukuru, ati awọn ibeere iwe kikọ. Gbogbo ibeere kọọkan ni a ṣe pẹlu iṣaro lati ṣe ayẹwo awọn ẹya oriṣiriṣi ti imọ rẹ ati awọn ogbon ironu pataki.

Lo ise abala yii gege bi anfaani lati mu oye re lori koko-ọrọ naa lagbara ati lati ṣe idanimọ eyikeyi agbegbe ti o le nilo afikun ikẹkọ. Maṣe jẹ ki awọn italaya eyikeyi ti o ba pade da ọ lójú; dipo, wo wọn gẹgẹ bi awọn anfaani fun idagbasoke ati ilọsiwaju.

  1. Which of the following is a benefit of insurance to the individual? A. Provision of employment for actuaries B. Generation of foreign exchange C. Peace of mind D. Investment of funds in government bonds Answer: C
  2. Insurance is said to provide a basis for credit because: A. Insurers lend money directly to traders B. A policy can be assigned to a bank as security for a loan C. Premiums are refunded when no loss occurs D. Insurers guarantee that businesses will make a profit Answer: B
  3. An insurer collects premium income of 6,000,000,000 naira and holds 30% as investable funds. How much is available for investment? A. 1,200,000,000 naira B. 1,800,000,000 naira C. 2,000,000,000 naira D. 3,000,000,000 naira Answer: B
  4. The mobilisation of savings by insurers refers to: A. Paying claims promptly to policyholders B. Charging an equitable premium for each risk C. Gathering many small premiums into a large investment pool D. Transferring risk from the insured to the insurer Answer: C
  5. Which of the following is mainly a benefit of insurance to the national economy? A. Savings through an endowment policy B. Provision of employment and capital for development C. Reduction of a family's anxiety after a death D. Continuity of a single trader's business Answer: B

Awọn Iwe Itọsọna Ti a Gba Nimọran

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

Àwọn Ìbéèrè Tó Ti Kọjá

Ṣe o n ronu ohun ti awọn ibeere atijọ fun koko-ọrọ yii dabi? Eyi ni nọmba awọn ibeere nipa Benefits Of Insurance lati awọn ọdun ti o kọja.

WAEC SSCE - Insurance - 2018

Ibeere 1 Ìròyìn

(a) Outline three features of life assurance.

(b) State three benefits each of life assurance to the;
(i) individuals
(ii) government 
 

Wo Idahun