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

Documents used in Insurance

By garikaib|2022-09-15T12:42:50+02:00January 24th, 2023|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|2022-09-15T12:42:49+02:00January 24th, 2023|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|2022-09-15T12:42:48+02:00January 24th, 2023|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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Exports Credit Guarantee Department (ECGD)

By garikaib|2022-09-15T12:42:47+02:00January 24th, 2023|Notes, O Level Commerce Notes, Ordinary Level Notes|

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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Vehicle Insurance

By garikaib|2022-09-15T12:42:47+02:00January 24th, 2023|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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Marine Insurance

By garikaib|2022-09-15T12:42:46+02:00January 24th, 2023|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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Property Insurance

By garikaib|2022-09-15T12:42:46+02:00January 24th, 2023|Notes, O Level Commerce Notes, Ordinary Level Notes|

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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Life Assurance

By garikaib|2022-09-15T12:42:45+02:00January 24th, 2023|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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January 2023