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

Life Assurance

By garikaib|2025-02-12T09:09:29+02:00February 12th, 2025|Notes, O Level Commerce Notes, Ordinary Level Notes|

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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Other forms of insurance: Accident, health,funeral assurance

By garikaib|2025-02-12T09:10:13+02:00February 12th, 2025|Notes, O Level Commerce Notes, Ordinary Level Notes|

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 garikaib|2025-02-12T09:10:53+02:00February 12th, 2025|Notes, O Level Commerce Notes, Ordinary Level Notes|

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 garikaib|2025-02-12T08:57:19+02:00February 12th, 2025|Notes, O Level Commerce Notes, Ordinary Level Notes|

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 garikaib|2025-02-12T09:11:26+02:00February 12th, 2025|Notes, O Level Commerce Notes, Ordinary Level Notes|

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 garikaib|2025-02-12T08:58:26+02:00February 12th, 2025|Notes, O Level Commerce Notes, Ordinary Level Notes|

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 garikaib|2025-02-12T09:11:57+02:00February 12th, 2025|Notes, O Level Commerce Notes, Ordinary Level Notes|

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 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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February 2025