January 2023

Life Assurance

By |2022-09-15T12:42:45+02:00January 24th, 2023|Notes, O Level Commerce Notes, Ordinary Level Notes|

Life Assurance. Image credit afterjujuman.com 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 […]
Comments Off on Life Assurance

Other forms of insurance: Accident, health,funeral assurance

By |2022-09-15T12:42:45+02:00January 24th, 2023|Notes, O Level Commerce Notes, Ordinary Level Notes|

Funeral. Image credit mentalfloss.com Funeral. Image credit mentalfloss.com ZIMSEC O Level Commerce Notes: Insurance: Accident and health insurance,funeral assurance

Accident insurance

  • There are two forms of accident insurance:
  • Personal accident insurance and
  • Group accident insurance

Personal accident

  • Is taken by individuals.
  • It covers against total disability arising from accidents e.g. sports stars or surgeons.

Group accident.

  • Taken by a […]
Comments Off on Other forms of insurance: Accident, health,funeral assurance

Introduction,basic concepts and importance of insurance

By |2022-09-15T12:42:53+02:00January 24th, 2023|Notes, O Level Commerce Notes, Ordinary Level Notes|

Image credit moneychoice.org Image credit moneychoice.org ZIMSEC O Level Commerce Notes: Insurance: Introduction,basic concepts and importance of insurance

  • Insurance is the pooling of risks.
  • an arrangement by which a company or the state undertakes to provide a guarantee of compensation for specified loss, damage, illness, or death in return for payment of […]
Comments Off on Introduction,basic concepts and importance of insurance

Functions of insurance brokers

By |2022-09-15T12:42:44+02:00January 24th, 2023|Notes, O Level Commerce Notes, Ordinary Level Notes|

Insurance brokers. Image credit imagefiesta.com 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 […]
Comments Off on Functions of insurance brokers

Importance of statistics to insurance

By |2022-09-15T12:42:53+02:00January 24th, 2023|Notes, O Level Commerce Notes, Ordinary Level Notes|

Image credit dhariya.com Image credit dhariya.com ZIMSEC O Level Commerce Notes: Insurance: Importance of statistics to insurance

Importance of statistical records in insurance.

  • Actuaries make extensive use of statistics in insurance
  • Insurance contracts are based on the statistics.
  • Risk is asses to determine whether:
  • It can be accepted or not.
  • Help in determining a fair premium.
  • At […]
Comments Off on Importance of statistics to insurance

Functions of insurance underwriters

By |2022-09-15T12:42:43+02:00January 24th, 2023|Notes, O Level Commerce Notes, Ordinary Level Notes|

Old Mutual. Image credit thezimbabwedaily.com 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 […]
Comments Off on Functions of insurance underwriters

Insurable Interest and utmost good faith

By |2022-09-15T12:42:52+02:00January 24th, 2023|Notes, O Level Commerce Notes, Ordinary Level Notes|

Image credit classicsandcustoms.com Image credit classicsandcustoms.com ZIMSEC O Level Commerce Notes: Insurance: Insurable Interest and Utmost good Faith

Insurable interest

  • Enables one to insure one’s own property.
  • Where the insured should directly suffer financial loss if the risk occurs.
  • One cannot insure the property of another.
  • Because on has no insurable interest.
  • If one insures the […]
Comments Off on Insurable Interest and utmost good faith

Proximate cause and the Average clause: Under and over insuring

By |2022-09-15T12:42:51+02:00January 24th, 2023|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 […]
Comments Off on Proximate cause and the Average clause: Under and over insuring
Go to Top