insurance Archives - Page 2 of 2 - Free ZIMSEC & Cambridge Revision Notes

Insurable Interest and utmost good faith

By garikaib|2025-02-12T08:59:59+02:00February 12th, 2025|Notes, O Level Commerce Notes, Ordinary Level Notes|

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 garikaib|2025-02-12T09:01:15+02:00February 12th, 2025|Notes, O Level Commerce Notes, Ordinary Level Notes|

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 garikaib|2025-02-12T09:02:01+02:00February 12th, 2025|Notes, O Level Commerce Notes, Ordinary Level Notes|

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 garikaib|2025-02-12T09:02:39+02:00February 12th, 2025|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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Documents used in Insurance

By garikaib|2025-02-12T09:04:13+02:00February 12th, 2025|Notes, O Level Commerce Notes, Ordinary Level Notes|

Image credit alleencareer.com Image credit allincareer.com ZIMSEC O Level Commerce Notes: Insurance: Documents used in Insurance

Documents used in insurance

The following documents are used in insurance:

Prospectus.

Shows the types of risks that can be covered.
Shows the name of the insurance company.
Contains premium to be paid.
States compensation to be paid.

Proposal form

An application for […]

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Insurance Assesors

By garikaib|2025-02-12T09:05:05+02:00February 12th, 2025|Notes, O Level Commerce Notes, Ordinary Level Notes|

Image credit pixbay.com 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 […]

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Business Insurance

By garikaib|2025-02-12T09:06:22+02:00February 12th, 2025|Notes, O Level Commerce Notes, Ordinary Level Notes|

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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