COMMON INSURANCE TERMINOLOGIES
Concealment: This is the willful act of holding back information that may be pertinent to…
INSURANCE
DETAILED EXPLANATION OF REINSURANCE
MEANING OF REINSURANCE This refers to an arrangement whereby an insurer, having accepted risk beyond…
DETAILED EXPLANATION OF LIFE ASSURANCE
Life assurance deals with insurance of human life either in death, retirement, disability, etc. It…
BUSINESS INTERRUPTION AND LIABILITY INSURANCE
BUSINESS INTERRUPTION INSURANCE This type of insurance is designed to indemnify an organisation for the…
AVIATION AND ENGINEERING INSURANCE
AVIATION INSURANCE This is connected with various types of aircraft: airplane, gliders, helicopters, jet, etc….
CREDIT, BURGLARY AND MARINE INSURANCE
CREDIT INSURANCE Credit is a system of buying and selling without immediate payment being made….
MONEY AND FIDELITY GUARANTEE INSURANCE
MONEY INSURANCE The term ‘money’ here means cash, bank and currency notes, cheques, postal and…
FIRE AND THEFT INSURANCE
FIRE INSURANCE Fire insurance is an essential class of insurance to aid the growth of…
MOTOR INSURANCE AND ECOWAS BROWN CARD SCHEME
NATURE OF MOTOR INSURANCE In the early days, there was nothing like vehicle but people…
INSURANCE CLAIM
The contract of insurance is the kind of contract whereby the insurer promises the insured…
NATURE AND STRUCTURE OF INSURANCE DOCUMENT
The various types of documents used in insurance business are: The Proposal form. The cover…
CONTRIBUTION
This is another corollary of the principle of indemnity. It ensures the payment of exact…
INDEMNITY
The principle of indemnity regulates the financial compensation to be made to the insured by…
INSURANCE ASSOCIATIONS IN NIGERIA
Insurance industry in Nigeria cannot exist in isolation. It has to exist within the framework…
INSURANCE MARKET
The market is a place of business interaction between producers, sellers and consumers for the…
INSURANCE RENEWAL
The continuous existence of an insurance policy is subject to renewal, depending upon the duration…
PROXIMATE CAUSE
There is need to state what are covered under a contract of insurance so that…
UTMOST GOOD FAITH
The general rule guiding most commercial contracts is the principle of caveat emptor (let the…
INSURABLE INTEREST
Insurable interest exists when an insured person derives a financial benefit or other kinds of…
FUNCTIONS OF INSURANCE
INTRODUCTION Risk cannot be eliminated completely. Rather it can only be minimized through provision of…
INSURABLE AND UNINSURABLE RISKS
MEANING OF INSURABLE RISK Insurable risks are those risks accepted for an amount by an…
THE CONCEPT OF RISK
DEFINITION OF RISK There is no universally accepted definition of risk. It could be defined…
HISTORICAL DEVELOPMENT OF INSURANCE
The origin of modern insurance dates back to the practice of merchants in Italy as…
ELEMENTS AND ESSENTIAL FEATURES OF AN INSURANCE CONTRACT
ELEMENTS OF AN INSURANCE CONTRACT A contract of insurance requires the presence of the following:…
DEFINITION OF INSURANCE
Insurance can be seen as a wiseman arrangement of transferring a future loss to someone…
INTRODUCTION TO INSURANCE
Individuals and business enterprises are exposed to risks on daily basis as they carry out…
HAZARD
Hazard can be defined as any occurrence that can either cause or increase the likelihood…
INSURANCE PREMIUM
MEANING OF UNDERWRITING This is the process by which insurers assess the proposed risk presented…
SUBROGATION
INTRODUCTION The principle of subrogation plays an important role in the operation of insurance contract….