INSURANCE

COMMON INSURANCE TERMINOLOGIES

COMMON INSURANCE TERMINOLOGIES

Concealment: This is the willful act of holding back information that may be pertinent to the issuance of an insurance ...
DETAILED EXPLANATION OF REINSURANCE

DETAILED EXPLANATION OF REINSURANCE

MEANING OF REINSURANCE This refers to an arrangement whereby an insurer, having accepted risk beyond his financial capacity, cedes part ...
DETAILED EXPLANATION OF LIFE ASSURANCE

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 ...
BUSINESS INTERRUPTION AND LIABILITY 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 ...
AVIATION AND ENGINEERING 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 ...
CREDIT, BURGLARY AND MARINE 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 ...
MONEY AND FIDELITY GUARANTEE 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 ...
FIRE AND THEFT 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 ...
MOTOR INSURANCE AND ECOWAS BROWN CARD SCHEME

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 ...
INSURANCE CLAIM

INSURANCE CLAIM

The contract of insurance is the kind of contract whereby the insurer promises the insured to provide indemnification in return ...
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