WAEC Syllabus for Insurance
Preparing for the 2026 WAEC Insurance examination starts with knowing exactly what to study, and that's where the official WAEC syllabus comes in. The WAEC Syllabus for Insurance outlines all the topics and areas from which examination questions will be set, making it an essential study guide for every candidate.
In this article, you'll find the complete WAEC Insurance syllabus for 2026, arranged in an easy-to-understand format. We've also included the WAEC-recommended textbooks to help you prepare effectively and improve your chances of achieving an excellent result in the examination.
WAEC Syllabus for Insurance
| Topic | Subtopic | What to Study |
|---|---|---|
| 1. Introduction to Insurance | Meaning of Insurance | Definition and meaning of insurance. |
| Historical Development | Insurance before and after independence, insurance legislation. | |
| Insurance Contracts | Parties to an insurance contract and essential features of insurance contracts. | |
| Risks | Meaning of risk, effects of risk on society, classification of risks, insurable and uninsurable risks. | |
| Hazards | Meaning and types of hazards. | |
| Functions of Insurance | Primary and secondary functions of insurance. | |
| Benefits of Insurance | Importance and benefits of insurance to individuals and businesses. | |
| Perils | Meaning of perils and the differences between perils, risks, and hazards. | |
| 2. Principles of Insurance | Insurable Interest | Meaning, essential features, application in life assurance and property insurance. |
| Utmost Good Faith | Meaning, duties of the insured and insurer, breaches and their effects. | |
| Proximate Cause | Meaning and application in insurance claims. | |
| Indemnity | Meaning, methods of providing indemnity, application in property and liability insurance. | |
| Subrogation | Meaning, insurer's rights and insured's duties. | |
| Contribution | Meaning, application, and conditions necessary for contribution. | |
| 3. Documents Used in Insurance Contracts | Proposal Forms | Meaning, functions, uses, and contracts where proposal forms are used. |
| Cover Notes | Meaning, contents, functions, uses, and contracts where cover notes are issued. | |
| Certificate of Insurance | Meaning and certificates used in motor, marine, and employer's liability insurance. | |
| Insurance Policy | Meaning, components of a policy, and parties to an insurance policy. | |
| 4. Insurance Practice | Reinsurance | Meaning, forms (Facultative and Treaty), functions, and uses. |
| Insurance Renewals | Renewal notices, renewal procedures, legal status, No Claim Discount (NCD), Long-Term Agreement (LTA). | |
| Insurance Claims | Meaning, claim procedures, notification, documentation, investigation, discharge voucher, payment, duties of insured and insurer, roles of loss assessors and adjusters. | |
| Insurance Premium | Meaning, factors affecting premium calculation, loading premium, return premiums and reasons for premium refunds. | |
| 5. Non-Life Insurance Products | Motor Insurance | Meaning, types of motor policies, scope of cover, ECOWAS Brown Card. |
| Fire Insurance | Standard fire policy, special perils, properties covered, buyers of fire insurance. | |
| Theft and Burglary Insurance | Meaning, properties covered, business and private premises, differences between theft and burglary insurance. | |
| Money Insurance | Meaning, what constitutes money, types of money insurance cover. | |
| Fidelity Guarantee Insurance | Meaning, types of policies, bonds, differences between commercial guarantees and bonds. | |
| Engineering Insurance | Meaning, types of engineering insurance, scope of cover. | |
| Marine Insurance | Meaning, marine perils, hull, cargo, and freight policies. | |
| Aviation Insurance | Meaning, types of aviation policies, aviation risks, international regulations (Montreal Convention, Hague Rules, Warsaw Convention). | |
| Employer's Liability Insurance | Meaning, employees' compensation policy, benefits payable, risks covered. | |
| Public Liability Insurance | Meaning and types of public liability insurance. | |
| Professional Indemnity Insurance | Meaning and professions that require professional indemnity cover. | |
| Business Interruption Insurance | Meaning, causes of business interruption, consequential loss. | |
| Personal Accident Insurance | Meaning, risks covered, forms of personal accident insurance, benefits, and policyholders. | |
| 6. Insurance Market (Operators) | Insurance Market | Meaning and participants in the insurance market. |
| Insurance Companies | Functions and roles. | |
| Reinsurance Companies | Functions and roles. | |
| Insurance Intermediaries | Insurance brokers and agents. | |
| Insurance Buyers | Individual, private, corporate, and public sector buyers. | |
| Insurance Sellers | Insurance and reinsurance companies. | |
| Supporting Services | Loss assessors and loss adjusters. | |
| 7. Insurance Regulators | Nigerian Insurance Association (NIA) | Meaning, functions, purpose, and membership. |
| Nigerian Council of Registered Insurance Brokers (NCRIB) | Roles and responsibilities. | |
| Institute of Loss Adjusters of Nigeria (ILAN) | Functions and responsibilities. | |
| National Insurance Commission (NAICOM) | Regulatory roles and functions. | |
| Chartered Insurance Institute of Nigeria (CIIN) | Functions and importance. | |
| 8. Common Insurance Terminologies | Insurance Terms | Meaning of 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, and cover note. |
Recommended Textbooks for WAEC Insurance
The recommended textbooks are:
- Insurance for Beginners by F. A. Oloyede and S. A. Rauf-Lawal
- Introduction to Insurance by Robert Ngarakwe and Dr. N. C. Nwezeaku
- Principles and Practice of Insurance by Robert Ngarakwe and Dr. N. C. Nwezeaku
- Insurance Fundamentals by K. (Mrs.) Adeola Banjo
- Principles and Practice of Insurance by K. (Mrs.) Adeola Banjo
- Introduction to Insurance: A Nigerian Perspective by Victor I. Okonkwo
- Insurance for Beginners by Semiu A. Rauf-Lawal
While you do not need to purchase every book on this list, studying one or two of the comprehensive textbooks together with the WAEC Syllabus for Insurance and past questions will greatly improve your understanding of the subject and increase your chances of performing well in the examination.
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