Hello and Welcome!
The SS1 Insurance 1st Term Lesson Notes is a compilation of notes on the following topics:
Lesson One: Meaning Of Insurance – Page 2 – Click Here!
Definition of Insurance
The Insurer And The Insured
Essentials of a Valid Insurance Contract
Essential Features of Insurance Contracts
Lesson Two: Historical Development of Insurance – Page 3 – Click Here!
Origin of Insurance
History of Modern Insurance
Pre-Independence Insurance Market In Nigeria
Post- Independence Insurance Market In Nigeria
Insurance In The Contemporary Era
Laws Regulating Insurance
Functions of Insurance
Importance of Insurance
Lesson Three: Concept of Risk – Page 4 – Click Here!
Introduction to Risk
General Meanings of Risk in Insurance
Features of a Risk
Classification Of Risk
The Cost of a Risk
Lesson Four: Hazard – Page 5 – Click Here!
Distinction between Physical and Moral Hazards
Relationship between Risk, Hazard and Peril
Lesson Five: Insurable and Non-Insurable Risks – Page 6 – Click Here!
Lesson Six: Insurable Interest – Page 7 – Click Here!
Types of Insurable
Essentials of Insurable Interest
Examples of Insurable Interest
When Insurable Interest Must Exist
Insurable Interest in Life Insurance
The general rule of insurable interest in life insurance
Insurable interest in one’s own life
Insurable interest in other’s life
Lesson Seven: Utmost Good Faith – Page 8 – Click Here!
Duration of the Duty of Disclosure
Facts which are required to be Disclosed
Facts which are not required to be Disclosed
Application of the Utmost Good Faith in Underwriting and Claims
Breaches of the Duty
Effects of Breaches of the Duty
General Good Faith
Lesson Eight: Proximate Cause Principle of Insurance – Page 9 – Click Here!
Definition of Proximate Cause
Examples of Proximate Cause
Rules of Proximate Cause
Waiver of Proximate Cause
Proximate Cause in Life Insurance
Lesson Nine: Principle of Indemnity in Insurance – Page 10 – Click Here!
Definition of Principle of Indemnity in Insurance
Selection of Sum-Insured
Application of Principle of Indemnity to Various Branches of Insurance Life
Effects of Certain Types of Policies on the Principle of Indemnity
Methods of Providing Indemnity
Lesson Ten: Subrogation Principle in Insurance – Page 11 – Click Here!
Definition of Subrogate In Insurance
How Right of Subrogation Arises
Application of Subrogation in Claims
Lesson Eleven: Principle of Contribution in Insurance – Page 12 – Click Here!
Definition of Principle of Contribution in Insurance
The principle of Contribution As it applies to Policy Claims
How Contribution Principle Works
The principle of Contribution in Insurance Law and Contract
Evaluation Tests on SS1 Insurance 1st Term Lesson Notes – Page 13 – Click Here!
SS1 Insurance 1st Term Evaluation Tests – FREE Access (20 questions ONLY)
SS1 Insurance 1st Term Evaluation Tests (Unlimited Questions)
Insurance – Download WAEC and NECO Past Question with Answers – Click Here!
Scroll Down to Select Page 2 for the next topic – Meaning Of Insurance