insurance

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 […]
  

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 […]
  

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 […]