WAEC Syllabus For Insurance 2022/2023 PDF | Free Download WAEC Syllabus

WAEC Syllabus For Insurance  2022/2023 | Free Download Insurance  WAEC Syllabus. It is obvious that many students are preparing for WAEC Insurance Syllabus  2022 without the syllabus.  I use this opportunity to inform you that your preparation is not effective Without Insurance Syllabus for WAEC 2022.

This is an outline of the main points of a discourse, the subjects, the contents of WAEC Insurance Syllabus  2022/2023 curriculum Given out by The West African Examination council for all candidates sitting for the 2022 Waec examination.

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INSURANCE SYLLABUS

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

NO CONTENTS NOTES

  1. INTRODUCTION i. Meaning
  2. Historical development

-Pre and Post independence era and

Legislations

iii. Insurance contracts

– Parties to Insurance contract

– Essential features of Insurance contract

  1. Risks: – Meaning.

– Effect of risks on the society.

– Classification of risks.

– Insurable and un-insurable risk.

  1. Hazards:

– Meaning.

– types.

  1. Functions of Insurance:

– Primary functions.

– Secondary functions.

vii. Benefits of Insurance

viii. Perils:

– Meaning

– Differences among perils, risks and harzards.

  1. PRINCIPLES OF

INSURANCE:

(1) Insurable Interest

(2) Utmost Good Faith

(3) Proximate Cause

(4) Indemnity

(5) Subrogation

(6) Contribution

(1) Insurable Interest

  1. Meaning
  2. Essential features of insurable interest

iii. Application of insurable interest in life

assurance

and property insurance

(2) Utmost Good Faith

  1. Meaning
  2. Insured and insurer’s duty of disclosure

iii. Breaches and effects

(3) Proximate Cause

  1. Meaning
  2. Application of proximate cause on claims

(4) Indemnity

  1. Meaning
  2. Methods of providing indemnity by insurer

iii. Application of indemnity in property and liability insurance

(5) Subrogation

  1. Meaning
  2. Insurer’s right under Subrogation

iii. Insured’s duty under Subrogation

(6) Contribution

  1. Meaning
  2. Application

iii. Conditions necessary for contribution

3 DOCUMENTS USED IN

EFFECTING

CONTRACT

(1) Proposal Forms

(2) Cover Notes

(3) Certificate Of Insurance

(4) Policy

(1) Proposal Forms

  1. Meaning
  2. Functions and uses

iii. Contracts where proposal forms are used

(2) Cover Notes

  1. Meaning
  2. Contents of Cover notes

iii. Functions and uses of Cover notes

Iv. Contracts where Cover notes are issued

(3) Certificate of Insurance

  1. Meaning
  2. Certificate of Insurance in

– Motor

– Marine

– Employer’s liability

(4) Policy

  1. Meaning
  2. Component parts of a policy

iii. Parties to a policy

  1. INSURANCE PRACTICE

1) Re- insurance

(2) Insurance Renewals

(3) Insurance Claims

(4) Insurance Premium

(1) Re –insurance

  1. Meaning.
  2. Forms ( Facultative and Treaty).

iii. Functions.

  1. Uses.

(2) Insurance Renewals

  1. Meaning of renewal notice
  2. Renewal procedure

iii. Legal status of renewal notice

  1. No claim Discount (NCD)- meaning and uses
  2. Long term Agreement (LTA) – meaning and uses

(3) Insurance Claims

  1. Meaning of claims
  2. Claim procedure

– Notification

– Documentation (Claim forms)

– Investigation

– Discharge voucher

– Payment

iii. Duties of the Insured and the underwriter in claims

  1. Functions of Loss Assessors and Loss

Adjusters.

(4) Insurance Premium

  1. Meaning
  2. Factors to be considered when determining a

premium

iii. Factors responsible for loading premium

  1. Return premium

– Partial and full return

– Reasons for returning premium

  1. NON – LIFE INSURANCE

PRODUCT

(1) Motor Insurance

(2) Fire Insurance

(3) Theft Insurance and

Burglary

Insurance

(4) Money Insurance

(5) Fidelity Guarantee

Insurance

(6) Engineering Insurance

(7) Marine Insurance

(8) Aviation Insurance

(9) Employer’s liability

(10) Public liability

(11) Professional Indemnity

(12) Business Interruption

Insurance( Consequential

loss)

(13) Personal Accident

Insurance

(1) Motor Insurance

  1. Meaning
  2. 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

  1. ECOWAS Brown Card ( meaning and

uses)

(2) Fire Insurance

  1. Meaning
  2. Standard fire policy cover

iii. Special perils (earthquake, flood, riot and

strike)

  1. Properties covered

– Building and its contents

– Machinery and plant

– Stocks

  1. Buyers of fire insurance

– Individuals

– Corporate bodies

– Government agencies

(3) Theft Insurance and Burglary Insurance

  1. Meaning
  2. Properties covered

– Household properties

– Stocks

– Machinery and Plants

iii. Theft insurance and Burglary Insurance in

business and private premises

  1. Differences between Theft Insurance

and Burglary Insurance

(4) Money Insurance

  1. Meaning
  2. 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

(5) Fidelity Guarantee Insurance

  1. Meaning
  2. Types of policies in fidelity guarantee

Insurance

– Named policy

– Position policy

– Blanket policy

iii. Bond ( meaning)

  1. Differences between commercial

guarantee

and bonds.

(6) Engineering Insurance

  1. Meaning
  2. types of engineering Insurance

– Boiler

– Explosion

– Computer all risks

iii. Scope of Engineering Insurance

– Material damage

– Liability cover

(7) Marine insurance

  1. Meaning
  2. Marine perils

iii. Type of cover

– Hull policy

– Cargo policy

– Freight policy

(8) Aviation Insurance

  1. Meaning
  2. Types of Aviation policy

– Aviation hull policy

– Cargo policy

– Freight policy

– Liability arising from aircraft operation

– Liability to passengers and nonpassengers

iii. Aviation risks

  1. Factors affecting
  2. International regulations of Aviation

Insurance

– Montrel Convention

– Hague Rule

– Warsaw convention

(9) Employer’s Liability

  1. Meaning
  2. Policy covered (employees compensation

policy)

iii. Level of benefits payable

  1. Perils covered

(10) Public Liability Insurance

  1. Meaning
  2. Types

– Personal liability policy

– Product liability policy

(11) Professional Indemnity

  1. meaning
  2. Professionals that require professional

indemnity

( Doctors, Lawyers, Insurance brokers,

Accountant,

Architects)

(12) Business Interruption Insurance

  1. Meaning ( consequential loss)
  2. Causes of business interruption

– Machinery breakdown

– Fire Incident

(13) Personal Accident Insurance

  1. Meaning
  2. Risks covered:

– Death

– Bodily injury

– Permanent disability

– Total temporary disability

– Medical expenses

iii. Forms of personal Accident Insurance

( personal and group)

  1. Benefits ( Death, Bodily Injury and medical

expenses)

  1. Buys of personal and group accident policy
  2. INSURANCE MARKET

( OPERATORS)

  1. Meaning
  2. 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)

  1. INSSURANCE REGULATOR

( 1 ) Nigerian Insurance

Association (NIA )

(i) Meaning

(ii) Role/ Functions

(iii) Purpose

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.

(2) Nigerian Council of

Registered

Insurance Brokers ( NCRIB)

(3) Institute of Loss Adjusters of Nigeria (ILAN )

(4) National Insurance Commission (NAICOM)

(5) Chartered Insuranceinstitute of Nigeria (CIIN)

(iv) Membership

  1. COMMON INSURANCE

TERMINOLOGIES

Meaning of

  1. Hazards
  2. Perils

iii. Concealment

  1. Disclosure
  2. Days of grace
  3. Ex- gratia payment

vii. Extra- premium

viii. Endorsement

  1. Excepted perils
  2. Subject matter of Insurance
  3. Under Insurance

xii. Return Premium

xiv. Surrender Value

  1. Cover note.

Recommended

  1. Principles and Practice of Insurance By Robert Ngarakwe and Dr. Nwezeaku, N. C.
  2. Insurance Fundamentals ByAdeola Banjo, K. (Mrs.)
  3. Principles and Practice of Insurance Adeola Banjo, K. (Mrs)
  4. Introduction to Insurance – A Nigeria Perspective By Victor I. Okonkwo.
  5. Insurance For Beginners By Rauf- Lawal, Semiu A. O

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