Insurance Renewals
Akopọ
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.
Awọn Afojusun
- 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
Akọ̀wé Ẹ̀kọ́
Forúkọsílẹ̀ láti Tẹ̀síwájú
Ṣẹda àkọọlẹ ọfẹ kan láti wọlé sí gbogbo àwọn oríṣìíríṣìí ìkànsí ikẹ́kọ̀ọ́, àwọn ìbéèrè ìdánwò, àti láti tọpa ìlọsíwájú rẹ.
Ìdánwò Ẹ̀kọ́
Oriire fun ipari ẹkọ lori Insurance Renewals. 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.
- 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
Forúkọsílẹ̀ láti Tẹ̀síwájú
Ṣẹda àkọọlẹ ọfẹ kan láti wọlé sí gbogbo àwọn oríṣìíríṣìí ìkànsí ikẹ́kọ̀ọ́, àwọn ìbéèrè ìdánwò, àti láti tọpa ìlọsíwájú rẹ.
Forúkọsílẹ̀ láti Tẹ̀síwájú
Ṣẹda àkọọlẹ ọfẹ kan láti wọlé sí gbogbo àwọn oríṣìíríṣìí ìkànsí ikẹ́kọ̀ọ́, àwọn ìbéèrè ìdánwò, àti láti tọpa ìlọsíwájú rẹ.
