February 2025

Introduction,basic concepts and importance of insurance

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

Image credit moneychoice.org 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 |2025-02-12T09:11:26+02:00February 12th, 2025|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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Importance of statistics to insurance

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

Image credit dhariya.com 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 |2025-02-12T09:11:57+02:00February 12th, 2025|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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Insurable Interest and utmost good faith

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

Image credit classicsandcustoms.com 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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Proximate cause and the Average clause: Under and over insuring

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

Image credit yourinsurancequestion.com 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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