WAEC SYLLABUS FOR INSURANCE 2021/2022 (WASSCE)

NO

CONTENTS

NOTES

1.

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

(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

3

DOCUMENTS USED IN EFFECTING

CONTRACT

(1) Proposal Forms

(2) Cover Notes

(3) Certificate Of Insurance

(4) Policy

(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

• 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

(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

• 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.

(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

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

• Building and its contents
• Machinery and plant
• Stocks

v. Buyers of fire insurance

– Individuals

– Corporate bodies

– Government agencies

(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

(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

(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.

(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

i. Meaning

ii. Marine perils

iii. Type of cover

• Hull policy
• Cargo policy
• Freight policy

(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

• Montrel Convention
• Hague Rule
• Warsaw convention

(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

• Personal liability policy
• Product liability policy

(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

• Machinery breakdown
• Fire Incident

(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

7.

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)

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
xii. Return Premium

xiv. Surrender Value

xv. Cover note.