February 2025

Property Insurance

By |2025-02-12T09:09:12+02:00February 12th, 2025|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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Life Assurance

By |2025-02-12T09:09:29+02:00February 12th, 2025|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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Other forms of insurance: Accident, health,funeral assurance

By |2025-02-12T09:10:13+02:00February 12th, 2025|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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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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