Category: INSURANCE | DON STEVE BLOG

INSURANCE

  • COMMON INSURANCE TERMINOLOGIES
    INSURANCE

    COMMON INSURANCE TERMINOLOGIES

    Concealment: This is the willful act of holding back information that may be pertinent to the issuance of an insurance policy even though the insured was not asked about that particular subject. Disclosure: Insurer needs information from the proposer to…

  • DETAILED EXPLANATION OF REINSURANCE
    INSURANCE

    DETAILED EXPLANATION OF REINSURANCE

    MEANING OF REINSURANCE This refers to an arrangement whereby an insurer, having accepted risk beyond his financial capacity, cedes part of the risk to another insurer. There are two parties involved in reinsurance: the ceding company and reinsurer. The ceding…

  • DETAILED EXPLANATION OF LIFE ASSURANCE
    INSURANCE

    DETAILED EXPLANATION OF LIFE ASSURANCE

    Life assurance deals with insurance of human life either in death, retirement, disability, etc. It has to do with situations that will definitely happen but when and how it will happen is not known. That is why in life, the…

  • BUSINESS INTERRUPTION AND LIABILITY INSURANCE
    INSURANCE

    BUSINESS INTERRUPTION AND LIABILITY INSURANCE

    BUSINESS INTERRUPTION INSURANCE This type of insurance is designed to indemnify an organisation for the loss of revenue which may be caused by the following activities: Fire and special perils. Engineering breakdown risk. Computer damage and breakdown risks. This kind…

  • AVIATION AND ENGINEERING INSURANCE
    INSURANCE

    AVIATION AND ENGINEERING INSURANCE

    AVIATION INSURANCE This is connected with various types of aircraft: airplane, gliders, helicopters, jet, etc. Aviation insurance insures all aviation risks, varying from component to complete jumbo jets purchased by: Large commercial airlines. Corporate or business aircraft owner e.g. NNPC.…

  • CREDIT, BURGLARY AND MARINE INSURANCE
    INSURANCE

    CREDIT, BURGLARY AND MARINE INSURANCE

    CREDIT INSURANCE Credit is a system of buying and selling without immediate payment being made. It is a system whereby the buyer receives goods or accepts services in return for his promise that payment will be made on or before…

  • MONEY AND FIDELITY GUARANTEE INSURANCE
    INSURANCE

    MONEY AND FIDELITY GUARANTEE INSURANCE

    MONEY INSURANCE The term ‘money’ here means cash, bank and currency notes, cheques, postal and money orders, e.t.c all belonging to the insured or any principal or employee of the insured while deposited with the insured. This policy cover pays…

  • FIRE AND THEFT INSURANCE
    INSURANCE

    FIRE AND THEFT INSURANCE

    FIRE INSURANCE Fire insurance is an essential class of insurance to aid the growth of stability of manufacturing industry and other businesses in Nigeria. Since the effect of a single fire incident can create a multi-dimensional effect, there is need…

  • MOTOR INSURANCE AND ECOWAS BROWN CARD SCHEME
    INSURANCE

    MOTOR INSURANCE AND ECOWAS BROWN CARD SCHEME

    NATURE OF MOTOR INSURANCE In the early days, there was nothing like vehicle but people still moved from one point to another.The technological development which introduced the use of motor vehicle also brought about some risks involved in its use.…

  • INSURANCE CLAIM
    INSURANCE

    INSURANCE CLAIM

    The contract of insurance is the kind of contract whereby the insurer promises the insured to provide indemnification in return of premium in the event of loss. The insurer pays the insured some amount of money in form of a…

Advantages of overseas domestic helper.