Insurance Waec Syllabus

Below is this years Waec Syllabus for Insurance. Note that this syllabus is for both internal and external candidates.

Aims and Objectives

No published Aims & Objectives.

Scheme of Examination

Detailed Insurance Syllabus

INTRODUCTION TO INSURANCE

Meaning
Historical development
- Pre and Post independence era and legislation
Insurance contracts
- Parties to an Insurance contract
- Essential features of an Insurance contract
Risks
- Meaning.
- Effects of risks on society.
- Classification of risks.
- Insurable and uninsurable risks.
Hazards
- Meaning
- Types
Functions of Insurance
- Primary functions
- Secondary functions
Benefits of Insurance
Perils
- Meaning
- Differences among perils, risks and hazards

PRINCIPLES OF INSURANCE

Insurable Interest
- Meaning
- Essential features of insurable interest
- Application of insurable interest in life assurance and property insurance
Utmost Good Faith
- Meaning
- Insured and insurer’s duty of disclosure
- Breaches and effects
Proximate Cause
- Meaning
- Application of proximate cause on claims
Indemnity
- Meaning
- Methods of providing indemnity by an insurer
- Application of indemnity in property and liability insurance
Subrogation
- Meaning
- Insurer’s right under Subrogation
- Insured’s duty under Subrogation
Contribution
- Meaning
- Application
- Conditions necessary for contribution

DOCUMENTS USED IN EFFECTING CONTRACT

Proposal Forms
- Meaning
- Functions and uses
- Contracts where proposal forms are used
Cover Notes
- Meaning
- Contents of Cover notes
- Functions and uses of Cover notes
- Contracts where Cover notes are issued
Certificate of Insurance
- Meaning
- Certificate of Insurance in
  - Motor
  - Marine
  - Employer’s liability
Policy
- Meaning
- Component parts of a policy
- Parties to a policy

INSURANCE PRACTICE

Re–insurance
- Meaning.
- Forms ( Facultative and Treaty).
- Functions.
- Uses.
Insurance Renewals
- Meaning of renewal notice
- Renewal procedure
- Legal status of a renewal notice
- No claim Discount (NCD)- meaning and uses
- Long-term Agreement (LTA) – meaning and uses
Insurance Claims
- Meaning of claims
- Claim procedure
  - Notification
  - Documentation (Claim forms)
  - Investigation
  - Discharge voucher
  - Payment
- Duties of the Insured and the underwriter in claims
- Functions of Loss Assessors and Loss Adjusters
Insurance Premium
- Meaning
- Factors to be considered when determining a premium
- Factors responsible for loading premium
- Return premium
  - Partial and full return
  - Reasons for returning premium

NON – LIFE INSURANCE PRODUCT

Motor Insurance
- Meaning
- Types of policies in Motor Insurance
  - Private car
  - Commercial vehicle
  - Motorcycle
  - agricultural and Forestry vehicles
  - Special types (forklifts, tractor, caterpillars)
- The scope of cover
  - Act only
  - Third-party only
  - Third-party, fire and theft
  - Comprehensive
- ECOWAS Brown Card ( meaning and uses)
Fire Insurance
- Meaning
- Standard fire policy cover
- Special perils (earthquake, flood, riot and strike)
- Properties covered
  - Building and its contents
  - Machinery and plant
  - Stocks
- v. Buyers of fire insurance
  - Individuals
  - Corporate Bodies
  - Government agencies
Theft Insurance and Burglary Insurance
- Meaning
- Properties covered
  - Household properties
  - Stocks
  - Machinery and Plants
- Theft insurance and Burglary Insurance in business and private premises
- Differences between Theft Insurance and Burglary Insurance
Money Insurance
- Meaning
- What constitutes money ( cash, cheque, postal order )
- types of cover available
  - In transit only
  - In safe or strong room after business hours
  - In custody of a staff e g cashier
Fidelity Guarantee Insurance
- Meaning
- Types of policies in fidelity guarantee Insurance
  - Named policy
  - Position policy
  - Blanket policy
- Bond ( meaning)
- Differences between commercial guarantees and bonds.
Engineering Insurance
- Meaning
- Types of Engineering Insurance
  - Boiler
  - Explosion
  - Computer all risks
- iii. Scope of Engineering Insurance
  - Material damage
  - Liability cover
Marine insurance
- Meaning
- Marine perils
- Type of cover
  - Hull policy
  - Cargo policy
  - Freight policy
Aviation Insurance
- Meaning
- Types of Aviation policy
  - Aviation hull policy
  - Cargo policy
  - Freight policy
  - Liability arising from aircraft operation
  - Liability to passengers and non-passengers
- Aviation risks
- Factors affecting
- International regulations of Aviation Insurance
  - Montrel Convention
  - Hague Rule
  - Warsaw Convention
Employer’s Liability
- Meaning
- Policy covered (employees’ compensation policy)
- Level of benefits payable
- Perils covered
Public Liability Insurance
- Meaning
- Types
  - Personal liability policy
  - Product liability policy
Professional Indemnity
- meaning
- Professionals that require professional indemnity
  - ( Doctors, Lawyers, Insurance brokers, Accountants, and Architects)
Business Interruption Insurance
- Meaning ( consequential loss)
- Causes of business interruption
  - Machinery breakdown
  - Fire Incident
Personal Accident Insurance
- Meaning
- Risks covered:
  - Death
  - Bodily injury
  - Permanent disability
  - Total temporary disability
  - Medical expenses
- Forms of Personal Accident Insurance ( personal and group)
- Benefits ( Death, Bodily Injury and medical expenses)
- Buys of personal and group accident policy

INSURANCE MARKET ( OPERATORS)

- Meaning
- Market Operators
  - Insurance Companies
  - Reinsurance Companies
  - Insurance Intermediaries (Brokers and Agents)
  - Insurance Buyers
    - Individual and private
    - Corporate and public institutions
- Insurance Sellers
  - Insurance Companies
  - Re-insurance Companies
- Supporting Services ( Assessor and Loss Adjusters)

INSURANCE REGULATOR

Nigerian Insurance Association (NIA )
Nigerian Council of Registered Insurance Brokers ( NCRIB )
Institute of Loss Adjusters of Nigeria (ILAN )
National Insurance Commission (NAICOM)
Chartered Insurance Institute of Nigeria (CIIN)

COMMON INSURANCE TERMINOLOGIES

meaning of:
- Hazards
- Perils
- Concealment
- Disclosure
- Days of grace
- Ex- gratia payment
- Extra- premium
- Endorsement
- Excepted perils
- Subject matter of Insurance
- Under Insurance
- Return Premium
- Surrender Value
- Cover note.

Download Complete PDF

View the Insurance Waec Syllabus as text below or download the syllabus as a PDF below. Please use the button below to Download offline PDF files for external or internal Waec.