insurance

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 […]
  

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 […]
  

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 […]
  

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 […]