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WAEC WASSCE [SSCE] SYLLABUS FOR 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
NO | CONTENTS | NOTES |
1. | INTRODUCTION | i. Meaning ii. Historical development -Pre and Post independence era and Legislations iii. Insurance contracts
iv. Risks:
v. Hazards: – Meaning. – types. vi. Functions of Insurance:
vii. Benefits of Insurance viii. Perils:
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2. | PRINCIPLES OF INSURANCE:
(1) Insurable Interest (2) Utmost Good Faith (3) Proximate Cause (4) Indemnity (5) Subrogation (6) Contribution |
(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 i. Meaning ii. Insured and insurer’s duty of disclosure iii. Breaches and effects
(3) Proximate Cause i. Meaning ii. Application of proximate cause on claims
(4) Indemnity i. Meaning ii. Methods of providing indemnity by insurer iii. Application of indemnity in property and liability insurance
(5) Subrogation i. Meaning ii. Insurer’s right under Subrogation iii. Insured’s duty under Subrogation
(6) Contribution i. Meaning ii. Application iii. Conditions necessary for contribution
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3 |
DOCUMENTS USED IN EFFECTING CONTRACT
(1) Proposal Forms (2) Cover Notes (3) Certificate Of Insurance (4) Policy
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(1) Proposal Forms i. Meaning ii. Functions and uses iii. Contracts where proposal forms are used
(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 i. Meaning ii. Certificate of Insurance in
(4) Policy I. Meaning ii. Component parts of a policy iii. Parties to a policy |
4. | INSURANCE PRACTICE
1) Re- insurance (2) Insurance Renewals (3) Insurance Claims (4) Insurance Premium
|
(1) Re –insurance i. Meaning. ii. Forms ( Facultative and Treaty). iii. Functions. iv. Uses.
(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
(3) Insurance Claims i. Meaning of claims ii. Claim procedure
iii. Duties of the Insured and the underwriter in claims iv. Functions of Loss Assessors and Loss Adjusters.
(4) Insurance Premium i. Meaning ii. Factors to be considered when determining a premium iii. Factors responsible for loading premium iv. Return premium
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6. | 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 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 i. Meaning ii. Standard fire policy cover iii. Special perils (earthquake, flood, riot and strike) iv. Properties covered
v. Buyers of fire insurance – Individuals – Corporate bodies – Government agencies
(3) Theft Insurance and Burglary Insurance I. Meaning ii. Properties covered
iii. Theft insurance and Burglary Insurance in business and private premises iv. Differences between Theft Insurance and Burglary Insurance
(4) Money Insurance i. Meaning ii. What constitutes money ( cash, cheque, postal order ) iii. Types of cover available
(5) Fidelity Guarantee Insurance i. Meaning ii. Types of policies in fidelity guarantee Insurance
iii. Bond ( meaning) iv. Differences between commercial guarantee and bonds.
(6) Engineering Insurance i. Meaning ii. types of engineering Insurance – Boiler – Explosion – Computer all risks iii. Scope of Engineering Insurance
(7) Marine insurance i. Meaning ii. Marine perils iii. Type of cover
(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 non-passengers iii. Aviation risks iv. Factors affecting v. International regulations of Aviation Insurance
(9) Employer’s Liability i. Meaning ii. Policy covered (employees compensation policy) iii. Level of benefits payable iv. Perils covered
(10) Public Liability Insurance i. Meaning ii. Types
(11) Professional Indemnity i. meaning ii. Professionals that require professional indemnity ( Doctors, Lawyers, Insurance brokers, Accountant, Architects)
(12) Business Interruption Insurance i. Meaning ( consequential loss) ii. Causes of business interruption
(13) Personal Accident Insurance i. Meaning ii. Risks covered:
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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7. | INSURANCE MARKET ( OPERATORS) | i. Meaning ii. Market Operators ( a ) Insurance Companies (b ) Reinsurance Companies (c ) Insurance Intermediaries (Brokers and Agents) (d ) Insurance Buyers
(e ) Insurance Sellers
(f ) Supporting Services ( Assessor and Loss Adjusters) |
8. | INSSURANCE REGULATOR ( 1 ) Nigerian Insurance Association (NIA ) (2) Nigerian Council of Registered Insurance Brokers ( NCRIB ) (3) Institute of Loss Adjusters of Nigeria (ILAN ) (4) National Insurance Commission (NAICOM) (5) Chartered Insurance institute of Nigeria (CIIN)
| (i) Meaning (ii) Role/ Functions (iii) Purpose (iv) Membership |
9. | COMMON 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 xiv. Surrender Value xv. Cover note.
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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