Complete WAEC Syllabus for Insurance 2023, Text Books, and Topics

The subject you must master in order to take the test is the WAEC Insurance curriculum. The objectives, notes, and format for the Insurance exam are all included.

You must study the Insurance topic in order to be prepared for the exam. You can use it as a guide to help you decide which topics to read about. Additionally, there are notes on ideas that you ought to learn carefully.

Exam preparation without the use of insurance is equivalent to going to the farm without your farming equipment. You won’t be effective in the end.

Make sure to use the syllabus when you start your exam preparations.

The West African Examination Council’s Insurance and suggested textbooks are included in this section (WAEC).

WAEC Insurance Syllabus

A single sitting will be required for the two Papers, Paper 1 and Paper 2, which are composite exams.

Paper 1 will have 50 mandatory multiple-choice questions, will take 50 minutes to complete, and will be worth 50 points.

Sections A and B will make up Paper 2’s two sections.

Section A will have a mandatory case study and a mandatory question on it, while Section B will have six essay questions that candidates must respond to four out of.

The case study passage will have 20 marks and be 200–250 words long.

Each question in section B will be worth fifteen (15) points. The Paper will have a 2-hour duration and 80 points.

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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