INSURANCE

WAEC SYLLABUS ON INSURANCE

SCHEME OF EXAMINATION:

There will be two Papers, Paper 1 and Paper 2, which will be a compositepaper to be taken at one sitting.

PAPER 1:

Will consist of 50 compulsory multiple choice questions which wouldlast for fifty (50) minutes and carry fifty (50) marks.

PAPER 2:

Will consist of two Sections, Section A and Section B.

Section A will consist of a compulsory case study andcompulsoryquestion on it while Section B will consist of Six essayquestions, out of which candidates will be expected to answer four. Thecase study passage will be between 200 to 250 words and will carry 20marks. Questions in section B will carry fifteen (15) marks each.The Paper will last for 2 hours and carry eighty (80) marks.


DETAILED SYLLABUS

TOPICSCONTENTSNOTES

1. INTRODUCTION

Introduction

i. Meaning

ii. Historical development

-Pre and Post independence era andLegislations
iii. Insurance contracts

‐ Parties to Insurance contract
‐ Essential features of Insurance contract
iv. Risks:

‐ Meaning.
‐ Effect of risks on the society.
‐ Classification of risks.
‐ Insurable and un-insurable risk.
v. Hazards:

- Meaning.
- types.
vi. Functions of Insurance:

‐ Primary functions.
‐ Secondary functions.
vii. Benefits of Insurance

viii. Perils:

‐ Meaning
‐ Differences among perils, risks andharzards.

2. PRINCIPLES OFINSURANCE

(1) Insurable Interest

(1) Insurable Interest
i. Meaning
ii. Essential features of insurable interest
iii. Application of insurable interest in lifeassuranceand property insurance

(2) Utmost Good Faith

(2) Utmost Good Faith
i. Meaning
ii. Insured and insurer’s duty of disclosure
iii. Breaches and effects

(3) Proximate Cause

(3) Proximate Cause
i. Meaning
ii. Application of proximate cause on claims

(4) Indemnity

(4) Indemnity
i. Meaning
ii. Methods of providing indemnity by insurer
iii. Application of indemnity in property andliabilityinsurance

(5) Subrogation

(5) Subrogation
i. Meaning
ii. Insurer’s right under Subrogation
iii. Insured’s duty under Subrogation

(6) Contribution

(6) Contribution
i. Meaning
ii. Application
iii. Conditions necessary for contribution

3. DOCUMENTS USED INEFFECTINGCONTRACT

(1) Proposal Forms

(1) Proposal Forms
i. Meaning
ii. Functions and uses
iii. Contracts where proposal forms are used

(2) Cover Notes

(2) Cover Notes
i. Meaning
ii. Contents of Cover notes
iii. Functions and uses of Cover notes
Iv. Contracts where Cover notes are issued

(3) Certificate Of Insurance

(3) Certificate of Insurance
i. Meaning
ii. Certificate of Insurance in
‐ Motor
‐ Marine
‐ Employer’s liability

(4) Policy

I. Meaning
ii. Component parts of a policy
iii. Parties to a policy

4. INSURANCE PRACTICE

(1) Re –insurance

(1) Re –insurance
i. Meaning.
ii. Forms ( Facultative and Treaty).
iii. Functions.
iv. Uses.

(2) Insurance Renewals

(2) Insurance Renewals
i. Meaning of renewal notice
ii. Renewal procedure
iii. Legal status of renewal notice
iv. No claim Discount (NCD)- meaning anduses
v. Long term Agreement (LTA) – meaning anduses

(3) Insurance Claims

(3) Insurance Claims
i. Meaning of claims
ii. Claim procedure
‐ Notification
‐ Documentation (Claim forms)
‐ Investigation
‐ Discharge voucher
‐ Payment
iii. Duties of the Insured and the underwriter inclaims
iv. Functions of Loss Assessors and Loss Adjusters.

(4) Insurance Premium

(4) Insurance Premium
i. Meaning
ii. Factors to be considered when determining apremium
iii. Factors responsible for loading premium
iv. Return premium
‐ Partial and full return
‐ Reasons for returning premium

5. NON – LIFE INSURANCEPRODUCT

(1) Motor Insurance

(1) Motor Insurance
i. Meaning
ii. Types of policies in Motor Insurance
- Private car
- Commercial vehicle
- Motorcycle
- Agricultural and Forestry vehicle
- Special types ( fork lifts, Tractors ,caterpillars)
iii. The scope of cover
- Act only
- Third party only
- Third party, fire and theft
- Comprehensive
vi. ECOWAS Brown Card ( meaning anduses)

(2) Fire Insurance

(2) Fire Insurance
i. Meaning
ii. Standard fire policy cover
iii. Special perils (earthquake, flood, riot andstrike)
iv. Properties covered
‐ Building and its contents
‐ Machinery and plant
‐ Stocks
v. Buyers of fire insurance
- Individuals
- Corporate bodies
- Government agencies

(3) Theft Insurance and Burglary Insurance

(3) Theft Insurance and Burglary Insurance
I. Meaning
ii. Properties covered
‐ Household properties
‐ Stocks
‐ Machinery and Plants
iii. Theft insurance and Burglary Insurance inbusiness and private premises
iv. Differences between Theft Insuranceand Burglary Insurance

(4) Money Insurance

(4) Money Insurance
i. Meaning
ii. What constitutes money ( cash, cheque,postalorder )
iii. Types of cover available
‐ In transit only
‐ In safe or strong room after business hours
‐ In custody of a staff e g cashier

(5) Fidelity Guarantee Insurance

(5) Fidelity Guarantee Insurance
i. Meaning
ii. Types of policies in fidelity guaranteeInsurance
‐ Named policy
‐ Position policy
‐ Blanket policy
iii. Bond ( meaning)
iv. Differences between commercialguaranteeand bonds.

(6) Engineering Insurance

(6) Engineering Insurance
i. Meaning
ii. types of engineering Insurance
- Boiler
- Explosion
- Computer all risks
iii. Scope of Engineering Insurance
‐ Material damage
‐ Liability cover

(7) Marine insurance

(7) Marine insurance
i. Meaning
ii. Marine perils
iii. Type of cover
‐ Hull policy
‐ Cargo policy
‐ Freight policy

(8) Aviation Insurance

(8) Aviation Insurance
i. Meaning
ii. Types of Aviation policy
- Aviation hull policy
- Cargo policy
- Freight policy
- Liability arising from aircraft operation
- Liability to passengers and nonpassengers
iii. Aviation risks
iv. Factors affecting
v. International regulations of AviationInsurance
‐ Montrel Convention
‐ Hague Rule
‐ Warsaw convention

(9) Employer’s Liability

(9) Employer’s Liability
i. Meaning
ii. Policy covered (employees compensationpolicy)
iii. Level of benefits payable
iv. Perils covered

(10) Public Liability Insurance

(10) Public Liability Insurance
i. Meaning
ii. Types
‐ Personal liability policy
‐ Product liability policy

(11) Professional Indemnity

(11) Professional Indemnity
i. meaning
ii. Professionals that require professionalindemnity( Doctors, Lawyers, Insurance brokers, Accountant,Architects)

(12) Business Interruption Insurance

(12) Business Interruption Insurance
i. Meaning ( consequential loss)
ii. Causes of business interruption
‐ Machinery breakdown
‐ Fire Incident

(13) Personal Accident Insurance

(13) Personal Accident Insurance
i. Meaning
ii. Risks covered:
‐ Death
‐ Bodily injury
‐ Permanent disability
‐ Total temporary disability
‐ Medical expenses
iii. Forms of personal Accident Insurance( personal and group)
iv. Benefits ( Death, Bodily Injury and medicalexpenses)
v. Buys of personal and group accident policy

6. INSURANCE MARKET(OPERATORS)

Insurance Market (Operators)

i. Meaning
ii. Market Operators
(a) Insurance Companies
(b) Reinsurance Companies
(c) Insurance Intermediaries (Brokers andAgents)
(d) Insurance Buyers
‐ Individual and private
‐ Corporate and public institutions
(e) Insurance Sellers
‐ Insurance Companies
‐ Re-insurance Companies
(f) Supporting Services (Assessor and LossAdjusters)

7. INSURANCE REGULATOR

(1) Nigerian InsuranceAssociation (NIA)

(i) Meaning
(ii) Role/ Functions
(iii) Purpose
(iv) Membership

(2) Nigerian Council ofRegisteredInsurance Brokers ( NCRIB)

(3) Institute of Loss AdjustersofNigeria (ILAN)

(4) National InsuranceCommission (NAICOM)

(5) Chartered Insuranceinstituteof Nigeria (CIIN)

8. COMMON INSURANCETERMINOLOGIES

Commom Insurance Terminologies

Meaning of
i. Hazards
ii. Perils
iii. Concealment
iv. Disclosure
v. Days of grace
vi. Ex- gratia payment
vii. Extra- premium
viii. Endorsement
ix. Excepted perils
x. Subject matter of Insurance
xi. Under Insurance
xii. Return Premium
xiv. Surrender Value
xv. Cover note.

We provide educational resources/materials, curriculum guide, syllabus, scheme of work, lesson note & plan, waec, jamb, O-level & advance level GCE lessons/tutorial classes, on various topics, subjects, career, disciplines & department etc. for all the Class of Learners

SUGGESTED READING LIST

1. Insurance for Beginners ByOLoyede, F. A. and Rauf-Lawal, S. A.

2 Introduction to Insurance By Robert Ngarakwe and Dr. Nwezeaku, N. C.

3. Principles and Practice of Insurance By Robert Ngarakwe and Dr. Nwezeaku, N. C.

4. Insurance Fundamentals ByAdeola Banjo, K. (Mrs.)

5. Principles and Practice of Insurance Adeola Banjo, K. (Mrs)

6. Introduction to Insurance – A Nigeria Perspective By Victor I. Okonkwo.

7. Insurance For Beginners By Rauf- Lawal, Semiu A. O

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BANK: UNITED BANK FOR AFRICA PLC

ACCOUNT NAME: OFAGBE GODSPOWER GEORGE

ACCOUNT NUMBER: 2250582550

SWIFT CODE: UNAFNGLA

ACCOUNT TYPE: SAVINGS

CURRENCY: DOLLAR (USD) ACCOUNT

ADDRESS: 1. M. Aruna Close, Ughelli, Delta State, Nigeria

PHONE: +234805 5084784, +234803 5586470



BANK: UNITED BANK FOR AFRICA Plc (UBA)

ACCOUNT NAME: OFAGBE GODSPOWER GEORGE

ACCOUNT NUMBER: 2042116266

SORT CODE: 033243371

ACCOUNT TYPE: SAVINGS

CURRENCY: NAIRA ACCOUNT

ADDRESS: 1. M. Aruna Close, Ughelli, Delta State, Nigeria

PHONE: +234805 5084784, +234803 5586470



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We provide educational resources/materials, curriculum guide, syllabus, scheme of work, lesson note & plan, waec, jamb, O-level & advance level GCE lessons/tutorial classes, on various topics, subjects, career, disciplines & department etc. for all the Class of Learners