WAEC GCE Insurance Syllabus 2025/2026
The 2025/2026 WAEC GCE Insurance syllabus includes key topics such as insurance contracts, risk management, principles of insurance, and insurance documentation. The exam consists of two papers taken in one sitting: multiple-choice and essay-based questions.
This syllabus is designed for candidates preparing for the West African Senior School Certificate Examination (WASSCE) for Private Candidates (GCE). It aims to test candidates’ understanding of insurance principles, practices, and their application in real-world scenarios.
Scheme of Examination
- Paper 1: Objectives
- 50 compulsory multiple-choice questions
- Duration: 50 minutes
- Total Marks: 50
- Paper 2: Theory
- Section A: One compulsory case study (200–250 words) with questions (20 marks)
- Section B: Six essay questions; candidates answer four (15 marks each)
- Duration: 2 hours
- Total Marks: 80
Core Syllabus Topics
1. Introduction to Insurance
- Meaning and historical development
- Insurance in pre- and post-independence Nigeria
- Legislation and regulatory bodies
2. Insurance Contracts
- Parties involved
- Essential features of a valid contract
- Types of insurance contracts
3. Risk and Hazards
- Meaning and classification of risks
- Insurable vs. uninsurable risks
- Meaning and types of hazards
- Effects of risks on society
4. Functions and Benefits of Insurance
- Primary and secondary functions
- Economic and social benefits
- Role in national development
5. Perils
- Definition and examples
- Differences between perils, risks, and hazards
6. Principles of Insurance
- Insurable interest
- Utmost good faith
- Proximate cause
- Indemnity
- Subrogation
- Contribution
7. Insurance Documentation
- Proposal forms
- Cover notes
- Certificate of insurance
- Insurance policy and its components
8. Insurance Practice
- Reinsurance: facultative and treaty
- Claims processing
- Underwriting
- Premium calculation
- Role of brokers and agents
Sample Questions
Objective Example:
Which of the following is a principle of insurance?
- Profit maximization
- Indemnity
- Monopoly
- Inflation
Answer: B. Indemnity
Theory Example:
Explain the principle of utmost good faith and its relevance in insurance contracts.
Answer Tip: Discuss the duty of disclosure by both parties and consequences of breach.
Case Study Example:
Read the passage about a fire incident at a warehouse. Identify the type of insurance involved, the principle applied, and the documents required to process the claim.