INSURANCE
WAEC SYLLABUS ON INSURANCE
SCHEME OF EXAMINATION:
There will be two Papers, Paper 1 and Paper 2, which will be a composite paper to be taken at one sitting.PAPER 1:
Will consist of 50 compulsory multiple choice questions which would last 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 and compulsoryquestion on it while Section B will consist of Six essay questions, out of which candidates will be expected to answer four. The case study passage will be between 200 to 250 words and will carry 20 marks. Questions in section B will carry fifteen (15) marks each. The Paper will last for 2 hours and carry eighty (80) marks.
DETAILED SYLLABUS
TOPICS |
CONTENTS |
NOTES |
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1. INTRODUCTION |
Introduction |
i. Meaning ii. Historical development -Pre and Post independence era and Legislations 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 and harzards. |
2. PRINCIPLES OF INSURANCE |
(1) Insurable Interest |
(1) Insurable Interest i. Meaning ii. Essential features of insurable interest iii. Application of insurable interest in life assurance and property insurance |
(2) Utmost Good Faith |
(2) Utmost Good Faith i. Meaning ii. Insured and insurer’s duty of disclosure iii. Breaches and effects |
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(3) Proximate Cause |
(3) Proximate Cause i. Meaning ii. Application of proximate cause on claims |
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(4) Indemnity |
(4) Indemnity i. Meaning ii. Methods of providing indemnity by insurer iii. Application of indemnity in property and liability insurance |
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(5) Subrogation |
(5) Subrogation i. Meaning ii. Insurer’s right under Subrogation iii. Insured’s duty under Subrogation |
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(6) Contribution |
(6) Contribution i. Meaning ii. Application iii. Conditions necessary for contribution |
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3. DOCUMENTS USED IN EFFECTING CONTRACT |
(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 |
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(3) Certificate Of Insurance |
(3) Certificate of Insurance i. Meaning ii. Certificate of Insurance in ‐ Motor ‐ Marine ‐ Employer’s liability |
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(4) Policy |
I. Meaning ii. Component parts of a policy iii. Parties to a policy |
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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 and uses v. Long term Agreement (LTA) – meaning and uses |
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(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 in claims iv. Functions of Loss Assessors and Loss Adjusters. |
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(4) Insurance Premium |
(4) Insurance Premium i. Meaning ii. Factors to be considered when determining a premium iii. Factors responsible for loading premium iv. Return premium ‐ Partial and full return ‐ Reasons for returning premium |
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5. NON – LIFE INSURANCE PRODUCT |
(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 and uses) |
(2) Fire Insurance |
(2) Fire Insurance i. Meaning ii. Standard fire policy cover iii. Special perils (earthquake, flood, riot and strike) iv. Properties covered ‐ Building and its contents ‐ Machinery and plant ‐ Stocks v. Buyers of fire insurance - Individuals - Corporate bodies - Government agencies |
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(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 in business and private premises iv. Differences between Theft Insurance and Burglary Insurance |
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(4) Money Insurance |
(4) Money Insurance i. Meaning ii. What constitutes money ( cash, cheque, postal order ) iii. Types of cover available ‐ In transit only ‐ In safe or strong room after business hours ‐ In custody of a staff e g cashier |
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(5) Fidelity Guarantee Insurance |
(5) Fidelity Guarantee Insurance i. Meaning ii. Types of policies in fidelity guarantee Insurance ‐ Named policy ‐ Position policy ‐ Blanket policy iii. Bond ( meaning) iv. Differences between commercial guarantee and bonds. |
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(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 |
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(7) Marine insurance |
(7) Marine insurance i. Meaning ii. Marine perils iii. Type of cover ‐ Hull policy ‐ Cargo policy ‐ Freight policy |
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(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 Aviation Insurance ‐ Montrel Convention ‐ Hague Rule ‐ Warsaw convention |
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(9) Employer’s Liability |
(9) Employer’s Liability i. Meaning ii. Policy covered (employees compensation policy) iii. Level of benefits payable iv. Perils covered |
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(10) Public Liability Insurance |
(10) Public Liability Insurance i. Meaning ii. Types ‐ Personal liability policy ‐ Product liability policy |
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(11) Professional Indemnity |
(11) Professional Indemnity i. meaning ii. Professionals that require professional indemnity ( Doctors, Lawyers, Insurance brokers, Accountant, Architects) |
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(12) Business Interruption Insurance |
(12) Business Interruption Insurance i. Meaning ( consequential loss) ii. Causes of business interruption ‐ Machinery breakdown ‐ Fire Incident |
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(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 medical expenses) v. Buys of personal and group accident policy |
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6. INSURANCE MARKET (OPERATORS) |
Insurance Market (Operators) |
i. Meaning ii. Market Operators (a) Insurance Companies (b) Reinsurance Companies (c) Insurance Intermediaries (Brokers and Agents) (d) Insurance Buyers ‐ Individual and private ‐ Corporate and public institutions (e) Insurance Sellers ‐ Insurance Companies ‐ Re-insurance Companies (f) Supporting Services (Assessor and Loss Adjusters) |
7. INSURANCE REGULATOR |
(1) Nigerian Insurance Association (NIA) |
(i) Meaning (ii) Role/ Functions (iii) Purpose (iv) Membership |
(2) Nigerian Council of Registered Insurance Brokers ( NCRIB ) |
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(3) Institute of Loss Adjusters of Nigeria (ILAN) |
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(4) National Insurance Commission (NAICOM) |
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(5) Chartered Insurance institute of Nigeria (CIIN) |
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8. COMMON INSURANCE TERMINOLOGIES |
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. |
SUGGESTED READING LIST
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