WAEC Syllabus for Insurance
If you are preparing to study Insurance or are getting ready for an examination in the subject, having the right syllabus can help you organise your study and know the topics you are expected to cover.
The WAEC Syllabus for Insurance covers important areas such as the meaning and principles of insurance, insurance contracts, insurance documents, insurance practice, non-life insurance products, insurance market operators, regulators and common insurance terms.
In this article, we have provided the detailed WAEC Insurance syllabus and a list of recommended textbooks you can use to prepare for your examination. You can use the WAEC Syllabus for Insurance as a guide while studying and combine it with the recommended texts for better understanding of the topics.
Detailed WAEC Insurance Syllabus
| S/N | Main Topic | Subtopics |
|---|---|---|
| 1 | Introduction to Insurance | Meaning |
| Historical Development: Pre- and post-independence era and legislation | ||
| Insurance Contracts: Parties to an insurance contract; essential features of an insurance contract | ||
| Risks: Meaning; effects of risks on society; classification of risks; insurable and uninsurable risks | ||
| Hazards: Meaning; types | ||
| Functions of Insurance: Primary functions; secondary functions | ||
| Benefits of Insurance | ||
| Perils: Meaning; differences among perils, risks and hazards | ||
| 2 | Principles of Insurance | Insurable Interest: Meaning; essential features of insurable interest; application of insurable interest in life assurance and property insurance |
| Utmost Good Faith: Meaning; insured and insurer's duty of disclosure; breaches and effects | ||
| Proximate Cause: Meaning; application of proximate cause to claims | ||
| Indemnity: Meaning; methods of providing indemnity by an insurer; application of indemnity in property and liability insurance | ||
| Subrogation: Meaning; insurer's rights under subrogation; insured's duties under subrogation | ||
| Contribution: Meaning; application; conditions necessary for contribution | ||
| 3 | Documents Used in Effecting Contracts | Proposal Forms: Meaning; functions and uses; contracts where proposal forms are used |
| Cover Notes: Meaning; contents of cover notes; functions and uses; contracts where cover notes are issued | ||
| Certificate of Insurance: Meaning; certificate of insurance in motor, marine and employer's liability insurance | ||
| Policy: Meaning; component parts of a policy; parties to a policy | ||
| 4 | Insurance Practice | Reinsurance: Meaning; forms (facultative and treaty); functions; uses |
| Insurance Renewals: Meaning of renewal notice; renewal procedure; legal status of a renewal notice; No Claim Discount (NCD), meaning and uses; Long-Term Agreement (LTA), meaning and uses | ||
| Insurance Claims: Meaning of claims; claim procedure including notification, documentation, investigation, discharge voucher and payment; duties of the insured and underwriter in claims; functions of loss assessors and loss adjusters | ||
| Insurance Premium: Meaning; factors considered when determining a premium; factors responsible for loading premium; return premium, including partial and full return; reasons for returning premium | ||
| 5 | Non-Life Insurance Products | Motor Insurance: Meaning; types of policies including private car, commercial vehicle, motorcycle, agricultural and forestry vehicles, and special types such as forklifts, tractors and caterpillars; scope of cover including act only, third-party only, third-party, fire and theft, and comprehensive; ECOWAS Brown Card, meaning and uses |
| Fire Insurance: Meaning; standard fire policy cover; special perils including earthquake, flood, riot and strike; properties covered including buildings and contents, machinery and plant, and stocks; buyers of fire insurance including individuals, corporate bodies and government agencies | ||
| Theft and Burglary Insurance: Meaning; properties covered including household properties, stocks, machinery and plants; theft and burglary insurance in business and private premises; differences between theft insurance and burglary insurance | ||
| Money Insurance: Meaning; what constitutes money including cash, cheque and postal order; types of cover including in-transit only, in safe or strong room after business hours, and in the custody of a staff member such as a cashier | ||
| Fidelity Guarantee Insurance: Meaning; types of policies including named, position and blanket policies; bond, meaning; differences between commercial guarantees and bonds | ||
| Engineering Insurance: Meaning; types including boiler, explosion and computer all risks; scope including material damage and liability cover | ||
| Marine Insurance: Meaning; marine perils; types of cover including hull, cargo and freight policies | ||
| Aviation Insurance: Meaning; types of aviation policies including aviation hull, cargo, freight, liability arising from aircraft operation, and liability to passengers and non-passengers; aviation risks; factors affecting aviation insurance; international regulations including the Montreal Convention, Hague Rules and Warsaw Convention | ||
| Employer's Liability: Meaning; policy covered including employees' compensation policy; level of benefits payable; perils covered | ||
| Public Liability Insurance: Meaning; types including personal liability policy and product liability policy | ||
| Professional Indemnity: Meaning; professionals that require professional indemnity, including doctors, lawyers, insurance brokers, accountants and architects | ||
| Business Interruption Insurance: Meaning, including consequential loss; causes of business interruption including machinery breakdown and fire incident | ||
| Personal Accident Insurance: Meaning; risks covered including death, bodily injury, permanent disability, total temporary disability and medical expenses; forms including personal and group insurance; benefits including death, bodily injury and medical expenses; buyers of personal and group accident policies | ||
| 6 | Insurance Market (Operators) | Meaning of Insurance Market |
| Market Operators: Insurance companies; reinsurance companies; insurance intermediaries including brokers and agents; insurance buyers including individuals, private organisations, corporate bodies and public institutions | ||
| Insurance Sellers: Insurance companies; reinsurance companies | ||
| Supporting Services: Assessors; loss adjusters | ||
| 7 | Insurance Regulator and Professional Bodies | Nigerian Insurance Association (NIA) |
| Nigerian Council of Registered Insurance Brokers (NCRIB) | ||
| Institute of Loss Adjusters of Nigeria (ILAN) | ||
| National Insurance Commission (NAICOM) | ||
| Chartered Insurance Institute of Nigeria (CIIN) | ||
| 8 | Common Insurance Terminologies | Meaning of Hazards |
| Meaning of Perils | ||
| Meaning of Concealment | ||
| Meaning of Disclosure | ||
| Meaning of Days of Grace | ||
| Meaning of Ex-gratia Payment | ||
| Meaning of Extra-Premium | ||
| Meaning of Endorsement | ||
| Meaning of Excepted Perils | ||
| Meaning of Subject Matter of Insurance | ||
| Meaning of Under-Insurance | ||
| Meaning of Return Premium | ||
| Meaning of Surrender Value | ||
| Meaning of Cover Note |
Recommended Insurance Textbooks
The following textbooks are recommended for studying the Insurance syllabus:
- Insurance for Beginners by Oloyede, F. A. and Rauf-Lawal, S. A.
- Introduction to Insurance by Robert Ngarakwe and Dr. Nwezeaku, N. C.
- Principles and Practice of Insurance by Robert Ngarakwe and Dr. Nwezeaku, N. C.
- Insurance Fundamentals by Adeola Banjo, K. (Mrs.)
- Principles and Practice of Insurance by Adeola Banjo, K. (Mrs.)
- Introduction to Insurance: A Nigerian Perspective by Victor I. Okonkwo.
- Insurance for Beginners by Rauf-Lawal, Semiu A.
Use the Insurance syllabus as a guide to plan your studies and make sure you cover the topics listed before your examination. The recommended textbooks can also help you understand the topics in more detail.
If you know other candidates preparing for the same examination, share this Insurance syllabus with them so they can also use it for their studies. Our page also has syllabi for other subjects, so check the page to find the subjects you are interested in and see their syllabus and recommended textbooks.
If you have any questions about the Insurance syllabus or any of the topics, feel free to ask in the comments. We will respond as soon as possible.
