Insurance WAEC Syllabus & Suggested Readings

This is the complete Insurance WAEC Syllabus for this years WAEC examination. Candidates for WAEC GCE (External) and candidates for WAEC SSCE (Internal) are reminded to use this syllabus to prepare for their examination. Click here "WAEC Syllabus" to get the rest of the subjects.

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Insurance WAEC Syllabus

Below is the WAEC Syllabus for this year; kindly make judicious use of it.

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 compulsory question 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 –          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.

SUGGESTED READING LIST

1. Insurance for Beginners By OLoyede, 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