July 2015

Functions of insurance underwriters

By |2022-09-15T12:42:43+02:00July 18th, 2015|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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Functions of insurance brokers

By |2022-09-15T12:42:44+02:00July 18th, 2015|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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Making an insurance claim

By |2022-09-15T12:42:45+02:00July 18th, 2015|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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Other forms of insurance: Accident, health,funeral assurance

By |2022-09-15T12:42:45+02:00July 18th, 2015|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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Life Assurance

By |2022-09-15T12:42:45+02:00July 18th, 2015|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 […]

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Property Insurance

By |2022-09-15T12:42:46+02:00July 18th, 2015|Notes, O Level Commerce Notes, Ordinary Level Notes|

Image credit kevinandamanda.com

Image credit kevinandamanda.com ZIMSEC O Level Commerce Notes: Insurance: Property Insurance

Property insurance

Household insurance

  • Is taken by individuals.
  • It covers household movable items such as furniture, Tvs and jewellery.
  • Covers against losses due to theft and fire.
  • Compensation is based on the value of items at the time the risk occurs i.e. after […]

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Marine Insurance

By |2022-09-15T12:42:46+02:00July 18th, 2015|Notes, O Level Commerce Notes, Ordinary Level Notes|

Image credit nauticalexpo.com

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 […]

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Vehicle Insurance

By |2022-09-15T12:42:47+02:00July 18th, 2015|Notes, O Level Commerce Notes, Ordinary Level Notes|

Image credit netcarshow.com

Image credit netcarshow.com ZIMSEC O Level Commerce Notes page: Insurance: Vehicle Insurance

Vehicle insurance.

  • There are many types of vehicle insurance viz:

Third party insurance

  • Is compulsory under the Road Traffic Act (RTA)
  • Applies to motor vehicle insurance.
  • Covers claims from the public who may be injured by the vehicle.
  • Covers public property damaged […]

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Exports Credit Guarantee Department (ECGD)

By |2022-09-15T12:42:47+02:00July 18th, 2015|Notes, O Level Commerce Notes, Ordinary Level Notes|

Image credit ncbcp.org

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 […]

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Business Insurance

By |2022-09-15T12:42:48+02:00July 18th, 2015|Notes, O Level Commerce Notes, Ordinary Level Notes|

Business Insurance. Image credit vitasinsurance.com

Business Insurance. Image credit vitasinsurance.com ZIMSEC O Level Commerce Notes: Insurance: Business Insurance

Transit insurance.

  • Covers goods during the transportation from the time they are loaded onto the transport vehicle until the time they are offloaded at their destination.
  • The policy may be specific e.g. it states the […]

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