January 2023

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 […]

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Making an insurance claim

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

Making an insurance claim. Image credit ilaacp.org

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 […]

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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 […]

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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 […]

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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 […]

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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 […]

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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 […]

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Indemnity: Subrogation and Contribution

By |2022-09-15T12:42:51+02:00January 24th, 2023|Notes, O Level Commerce Notes, Ordinary Level Notes|

The wreck belongs to the insurance company after compensation is paid. Image credit damagemax.com

The wreck belongs to the insurance company after compensation is paid. Image credit damagemax.com ZIMSEC O Level Commerce Notes: Insurance: Indemnity: Subrogation and Contribution

Indemnity

  • Is the compensation paid to the insured after they have suffered a loss.
  • It […]

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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 […]

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How to take out an insurance policy?

By |2022-09-15T12:42:50+02:00January 24th, 2023|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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