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Wednesday, 22 February 2017

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.
Insurance WAEC Syllabus
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The importance of this WAEC Syllabus can never be undermined. Hence, it's advisable to stick to your books as well as this syllabus for highlights and concentration areas. It is also advisable that students becomes aware of the WAEC grading system to know what grade they are exactly aiming for.

See also the WAEC exams rules and regulations and how to grow thick skin for it. 

Insurance WAEC Syllabus

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


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.


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.
(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

(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


(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
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
iv. Functions of  Loss Assessors and Loss Adjusters.

(4) Insurance Premium
i. Meaning
ii. Factors to be considered when determining a
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
(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,

(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
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
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.


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

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