WAEC Syllabus for Insurance 2022/2023

The WAEC syllabus for the Insurance is the topic you must study to sit for the examination. It contains the aims and objectives, notes and format for the Insurance exam.

Studying Insurance subject is necessary for your exam preparation. It will serve as a guide for you to know the topics to read. There are also notes on concepts you should pay attention to learning.

Exam preparations without using the Insurance are like going to the farm without your agricultural tools. You will end up not being productive.

Ensure you begin your exam preparations using the syllabus.

This post contains the Insurance and recommended textbooks of the West African Examination Council (WAEC).

WAEC Insurance Syllabus

There will be two Papers, Paper 1 and Paper 2, which will be a composite paper to be taken at one sitting.

PAPER 1: Will consist of 50 compulsory multiple-choice questions which would last for fifty (50) minutes and carry fifty (50) marks.

PAPER 2: Will consist of two sections, Section A and Section B.

Section A will consist of a compulsory case study and compulsory question on it while Section B will consist of six essay questions, out of which candidates will be expected to answer four.

The case study passage will be between 200 to 250 words and will carry 20 marks.

Questions in section B will carry fifteen (15) marks each. The Paper will last for 2 hours and carry eighty (80) marks.

Introduction Principles of Insurance

  1. Insurable Interest
  2. Utmost Good Faith
  3. Proximate Cause
  4. Indemnity
  5. Subrogation
  6. Contribution

Documents Used in Effecting Contract

  1. Proposal Forms
  2. Cover Notes
  3. Certificate Of Insurance
  4. Policy

Insurance Practice

  1. Re- insurance
  2. Insurance Renewals
  3. Insurance Claims
  4. Insurance Premium

Non-Life Insurance Product

  1. Motor Insurance
  2. Fire Insurance
  3. Theft Insurance and Burglary Insurance
  4. Money Insurance
  5. Fidelity Guarantee Insurance
  6. Engineering Insurance
  7. Marine Insurance
  8. Aviation Insurance
  9. Employer’s liability
  10. Public liability
  11. Professional Indemnity
  12. Business Interruption Insurance( Consequential loss)
  13. Personal Accident Insurance

Insurance Market (Operators)

  1. Meaning
  2. Market Operators
  3. Insurance Companies
  4. Reinsurance Companies
  5. Insurance Intermediaries (Brokers and Agents)
  6. Insurance Buyers
    • Individual and private
    • Corporate and public institutions
  7. Insurance Sellers
    • Insurance Companies
    • Re-insurance Companies
  8. Supporting Services (Assessor and Loss Adjusters)

Insurance Regulator

  1. Nigerian Insurance Association (NIA )
  2. Nigerian Council of Registered Insurance Brokers ( NCRIB)
  3. Institute of Loss Adjusters of Nigeria (ILAN)
  4. National Insurance Commission (NAICOM)
  5. Chartered Insurance Institute of Nigeria (CIIN)

Common Insurance Terminologies

  1. Hazards
  2. Perils
  3. Concealment
  4. Disclosure
  5. Days of grace
  6. Ex- gratia payment
  7. Extra- premium
  8. Endorsement
  9. Excepted perils
  10. Subject matter of Insurance
  11. Under Insurance
  12. Return Premium
  13. Surrender Value
  14. Cover note.
  • Insurance for Beginners   ByOLoyede, 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 ByAdeola Banjo, K. (Mrs.)
  • Principles and Practice of Insurance Adeola Banjo, K. (Mrs)
  • Introduction to Insurance – A Nigeria Perspective By  Victor I. Okonkwo.
  • Insurance For Beginners By  Rauf- Lawal, Semiu A. O
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