insurance

Image credit nauticalexpo.com ZIMSEC O Level Commerce Notes: Insurance: Marine Insurance

Marine insurance

• Covers against losses occurring at sea.

Cargo insurance

• Covers against loss of goods transported by sea or goods transported by ships at sea.
• Covers against damages or loss of goods during transportation.
• Can be voyage policy ie. Cargo is insured […]
  

Life Assurance. Image credit afterjujuman.com ZIMSEC O Level Commerce Notes: Insurance: Life Insurance

Life assurance

• Covers against events that will certainly occur e.g. death.
• The principle of indemnity does not apply.
• Benefits are paid to spouses and children who are the beneficiaries of the policy.

Whole life policy.

• One assures his/he […]
  

Making an insurance claim. Image credit ilaacp.org ZIMSEC O Level Commerce Notes: Insurance: Making an insurance claim

• The insured contacts the insurance company or broker and:
• completes a claim form giving details of the loss, honestly
• and provides the necessary police report.
• The insurer checks on the […]
  

Insurance brokers. Image credit imagefiesta.com ZIMSEC O Level Commerce Notes: Insurance: Functions of insurance brokers

Functions of insurance brokers.

• They bring into contact the public seeking insurance cover and insurance companies.
• Are agents of insurance companies.
• Gather information on insurance companies or types of policies that these offer.
• Give expert advice […]
  

Old Mutual. Image credit thezimbabwedaily.com ZIMSEC O Level Commerce Notes: Insurance: Functions of insurance underwriters

Functions of underwriters.

• Are insurers (insurance companies) who provide insurance cover.
• Assess risks (examine details in the proposal form)
• Cover or accept risks by:
• Singing their names against risks they have agreed to cover.
• Charge and […]