February 2025

Proximate cause and the Average clause: Under and over insuring

By |2025-02-12T09:02:01+02:00February 12th, 2025|Notes, O Level Commerce Notes, Ordinary Level Notes|

Image credit yourinsurancequestion.com Image credit yourinsurancequestion.com ZIMSEC O Level Commerce Notes: Insurance: Proximate cause and the Average clause: Under and over insuring

  • This prevents the insured from making a profit by:

1) Under-insuring a risk or paying less premiums.

  • When a loss is incurred under such circumstances the insurer will not indemnify the […]
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How to take out an insurance policy?

By |2025-02-12T09:02:39+02:00February 12th, 2025|Notes, O Level Commerce Notes, Ordinary Level Notes|

Image credit anu.edu.au Image credit anu.edu.au ZIMSEC O Level Commerce Notes: Insurance: How to take out an insurance policy?

How to take out an insurance policy.

  • The prospective customer makes contact with the insurance company or obtains an insurance prospectus.
  • The risk one intends to insure is discussed with an insurance broker.
  • A quotation […]
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Documents used in Insurance

By |2025-02-12T09:04:13+02:00February 12th, 2025|Notes, O Level Commerce Notes, Ordinary Level Notes|

Image credit alleencareer.com Image credit allincareer.com ZIMSEC O Level Commerce Notes: Insurance: Documents used in Insurance

Documents used in insurance

  • The following documents are used in insurance:

Prospectus.

  • Shows the types of risks that can be covered.
  • Shows the name of the insurance company.
  • Contains premium to be paid.
  • States compensation to be paid.

Proposal form

  • An application for […]
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Insurance Assesors

By |2025-02-12T09:05:05+02:00February 12th, 2025|Notes, O Level Commerce Notes, Ordinary Level Notes|

Image credit pixbay.com Image credit pixbay.com ZIMSEC O Level Commerce Notes: Insurance: Insurance Assesors

Assessors

  • Work for the insurance companies.
  • When a risk has occurred they:
  • Assess details on the claim form.
  • Examine the damaged item.
  • Ascertain the exact cause of the loss.
  • Calculate the cost of the damage.
  • Determine what has been damaged.
  • Calculate and recommend the amount […]
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Business Insurance

By |2025-02-12T09:06:22+02:00February 12th, 2025|Notes, O Level Commerce Notes, Ordinary Level Notes|

Business Insurance. Image credit vitasinsurance.com Business Insurance. Image credit vitasinsurance.com ZIMSEC O Level Commerce Notes: Insurance: Business Insurance

Transit insurance.

  • Covers goods during the transportation from the time they are loaded onto the transport vehicle until the time they are offloaded at their destination.
  • The policy may be specific e.g. it states the […]
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Exports Credit Guarantee Department (ECGD)

By |2025-02-12T09:07:05+02:00February 12th, 2025|Notes, O Level Commerce Notes, Ordinary Level Notes|

Image credit ncbcp.org Image credit ncbcp.org ZIMSEC O Level Commerce Notes: Insurance: Exports Credit Guarantee Department (ECGD)

  • Also known as Export Credit Guarantee Corporation (ECGC)in Zimbabwe.
  • Covers risk of non payment by importers due to:
  • lack of foreign currency.
  • Political instability.
  • Outbreak of war.
  • Overseas state interferences.
  • Provides comprehensive policies to cover the whole of export businesses […]
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Vehicle Insurance

By |2025-02-12T09:07:50+02:00February 12th, 2025|Notes, O Level Commerce Notes, Ordinary Level Notes|

Image credit netcarshow.com Image credit netcarshow.com ZIMSEC O Level Commerce Notes page: Insurance: Vehicle Insurance

Vehicle insurance.

  • There are many types of vehicle insurance viz:

Third party insurance

  • Is compulsory under the Road Traffic Act (RTA)
  • Applies to motor vehicle insurance.
  • Covers claims from the public who may be injured by the vehicle.
  • Covers public property damaged […]
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Marine Insurance

By |2025-02-12T09:08:02+02:00February 12th, 2025|Notes, O Level Commerce Notes, Ordinary Level Notes|

Image credit nauticalexpo.com 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 […]
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Property Insurance

By |2025-02-12T09:09:12+02:00February 12th, 2025|Notes, O Level Commerce Notes, Ordinary Level Notes|

Image credit kevinandamanda.com Image credit kevinandamanda.com ZIMSEC O Level Commerce Notes: Insurance: Property Insurance

Property insurance

Household insurance

  • Is taken by individuals.
  • It covers household movable items such as furniture, Tvs and jewellery.
  • Covers against losses due to theft and fire.
  • Compensation is based on the value of items at the time the risk occurs i.e. after […]
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