It has been observed that one of the major hazards facing an Insurance company is the risk of catastrophe. The solution to this risk is to transfer or spread part of the risks by means of Reinsurance. Reinsurance is very important as it serves as a means of enhancing financial security of Insurers within the…
INTRODUCTION Insurance is a contract in which an Insurance Company undertakes to indemnify a Policyholder in the event he incurs loss to property or other specific contingencies or perils. The focus of this article is on Insurance Companies. From the above definition of insurance, it is very clear that there are two main parties to…
The question about travelers insurance remains one of the various questions prospective Policyholders ask pertaining Traveler’s Insurance. And this is in a bid to find out what travelers insurance means, the desirability of travelers insurance, its scope/coverage etc. WHAT TRAVELR’S INSURANCE MEANS Travel insurance is used to describe an insurance policy that covers risks connected…
MEANING OF CAR INSURANCE Car Insurance is a class of Insurance Policy between an Insurance Company and an Insurer wherein the former undertakes to protect the Later against financial loss in the event of an accident, or theft of his car. it can be universal car insurance or specific. In consideration of payment of premiums…
MEANING OF MATERNITY Maternity is the period between pregnancy and immediately after delivery. It covers a period of 26 weeks after child birth or delivery. And it is this period of time that enjoys maternity Insurance Coverage. A couple of Insurers do not make provision for maternity insurance coverage for women already pregnant. The singular…
WHAT IS A PET? A pet is an animal kept solely for the owner’s companionship and/or for the purpose of entertainment. It is usually not for laboratory, livestock, or a working animal. pet insurance represents an important aspect of our animal life. In most cases, Dogs and cats represent the commonest pet animals in the…
The concept of Insurance is an arrangement whereby one person- the Insurer, undertakes in return for a consideration- the Premium, to pay the policyholder, a certain sum of money or its equivalent on the happening of a certain event or upon incurring certain loss. It is a risk management platform. Impliedly, when you purchase insurance…
INTRODUCTION Most often, we make investments of all our life savings in acquiring properties. These properties may be buildings, cars, office equipment, appliances, machineries, and so on. it is the need to safeguard these properties that has given rise to property insurance. However, most times, we see all these properties go down the drain as…
INTRODUCTION There is a general apathy for insurance in Nigeria and health insurance policies is not an exception. It is reported that a paltry three (3%) of the overall population has health insurance. This is not withstanding efforts already put in place by the government at getting the citizen embrace health insurance as part of…
THE Nigerian Social Insurance Trust Fund ( NSITF), which is a body in existence since 1961 as national provident fund. And which became NSITF in 1993 with the mandate of protecting employees in the private sector in Nigeria and who are mostly in non pensionable employment. The federal government of Nigeria established the fund so…