Preparing for an examination without a clear roadmap is like venturing into a farm without your agricultural tools.
To ensure success in the WAEC Insurance examination, it is essential to familiarize yourself with the syllabus, which serves as a guide outlining the topics to be studied.
In this blog post, we will provide you with an overview of the WAEC Insurance syllabus, the exam format, and some recommended textbooks to aid your preparation. So, let’s dive in!
WAEC Insurance Syllabus:
The WAEC Insurance examination consists of two papers: Paper 1 and Paper 2, both to be taken at one sitting.
Paper 1: This paper comprises 50 compulsory multiple-choice questions and lasts for fifty minutes, carrying a total of fifty marks.
Paper 2: Paper 2 is divided into two sections, Section A and Section B.
Section A:
In this section, you will encounter a compulsory case study along with a compulsory question related to it. The case study passage will range from 200 to 250 words and will carry 20 marks.
Section B:
Section B consists of six essay questions, out of which you are expected to answer four. Each question in this section carries fifteen marks. Paper 2 has a duration of 2 hours and carries a total of eighty marks.
Topics Covered in the Insurance Syllabus:
The Insurance syllabus encompasses various key topics that you should focus on during your preparation. Here are some of the major topics included:
-
Introduction to Insurance:
- Principles of Insurance
- Insurable Interest
- Utmost Good Faith
- Proximate Cause
- Indemnity
- Subrogation
- Contribution
-
Documents Used in Effecting Contract:
- Proposal Forms
- Cover Notes
- Certificate of Insurance
- Policy
-
Insurance Practice:
- Re-insurance
- Insurance Renewals
- Insurance Claims
- Insurance Premium
-
Non-Life Insurance Products:
- Motor Insurance
- Fire Insurance
- Theft Insurance and Burglary Insurance
- Money Insurance
- Fidelity Guarantee Insurance
- Engineering Insurance
- Marine Insurance
- Aviation Insurance
- Employer’s Liability
- Public Liability
- Professional Indemnity
- Business Interruption Insurance (Consequential Loss)
- Personal Accident Insurance
-
Insurance Market (Operators):
- Insurance Companies
- Reinsurance Companies
- Insurance Intermediaries (Brokers and Agents)
- Insurance Buyers (Individual and Corporate)
- Insurance Sellers (Insurance Companies and Reinsurance Companies)
- Supporting Services (Assessors and Loss Adjusters)
- Insurance Regulators (Nigerian Insurance Association, Nigerian Council of Registered Insurance Brokers, Institute of Loss Adjusters of Nigeria, National Insurance Commission, Chartered Insurance Institute of Nigeria)
-
Common Insurance Terminologies:
- Hazards
- Perils
- Concealment
- Disclosure
- Days of Grace
- Ex-gratia Payment
- Extra Premium
- Endorsement
- Excepted Perils
- Subject Matter of Insurance
- Under Insurance
- Return Premium
- Surrender Value
- Cover Note
Recommended Textbooks:
To enhance your understanding of the subject and excel in the WAEC Insurance examination, it is advisable to refer to the following recommended textbooks:
- “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 Nigeria Perspective” by Victor I. Okonkwo.
- “Insurance for Beginners” by Rauf-Lawal, Semiu A. O.
Conclusion
As you embark on your journey to prepare for the WAEC Insurance examination, remember that the syllabus serves as your roadmap.
Pay close attention to the topics outlined, and make use of the recommended textbooks to deepen your understanding of the subject matter.
By following a structured study plan and utilizing available resources, you can maximize your chances of success in the examination. Best of luck in your preparation!
