insurance

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 […]
  

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 […]