Concealment: This is the willful act of holding back information that may be pertinent to the issuance...
INSURANCE
MEANING OF REINSURANCE This refers to an arrangement whereby an insurer, having accepted risk beyond his financial...
Life assurance deals with insurance of human life either in death, retirement, disability, etc. It has to...
BUSINESS INTERRUPTION INSURANCE This type of insurance is designed to indemnify an organisation for the loss of...
AVIATION INSURANCE This is connected with various types of aircraft: airplane, gliders, helicopters, jet, etc. Aviation insurance...
CREDIT INSURANCE Credit is a system of buying and selling without immediate payment being made. It is...
MONEY INSURANCE The term ‘money’ here means cash, bank and currency notes, cheques, postal and money orders,...
FIRE INSURANCE Fire insurance is an essential class of insurance to aid the growth of stability of...
NATURE OF MOTOR INSURANCE In the early days, there was nothing like vehicle but people still moved...
The contract of insurance is the kind of contract whereby the insurer promises the insured to provide...
The various types of documents used in insurance business are: The Proposal form. The cover notes. The...
This is another corollary of the principle of indemnity. It ensures the payment of exact financial compensation...
The principle of indemnity regulates the financial compensation to be made to the insured by the insurer...
Insurance industry in Nigeria cannot exist in isolation. It has to exist within the framework of the...
The market is a place of business interaction between producers, sellers and consumers for the exchange of...
The continuous existence of an insurance policy is subject to renewal, depending upon the duration of the...
There is need to state what are covered under a contract of insurance so that in the...
The general rule guiding most commercial contracts is the principle of caveat emptor (let the buyer beware)...
Insurable interest exists when an insured person derives a financial benefit or other kinds of benefit from...
INTRODUCTION Risk cannot be eliminated completely. Rather it can only be minimized through provision of financial compensation...
MEANING OF INSURABLE RISK Insurable risks are those risks accepted for an amount by an insurance company...
DEFINITION OF RISK There is no universally accepted definition of risk. It could be defined from any...
The origin of modern insurance dates back to the practice of merchants in Italy as early as...
ELEMENTS OF AN INSURANCE CONTRACT A contract of insurance requires the presence of the following: Offer. Acceptance....
Insurance can be seen as a wiseman arrangement of transferring a future loss to someone else by...
Individuals and business enterprises are exposed to risks on daily basis as they carry out their daily...
Hazard can be defined as any occurrence that can either cause or increase the likelihood of a...
MEANING OF UNDERWRITING This is the process by which insurers assess the proposed risk presented for insurance...
INTRODUCTION The principle of subrogation plays an important role in the operation of insurance contract. It has...
