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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 ...
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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 ...
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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 ...
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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 ...
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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: ...
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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 ...
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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 ...
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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 ...
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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 ...
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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 ...
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