INSURANCE

The various types of documents used in insurance business are: The Proposal form. The cover notes. The insurance certificate. Policy document. THE PROPOSAL FORM This is a questionnaire designed by ...

This is another corollary of the principle of indemnity. It ensures the payment of exact financial compensation to the insured by discouraging the insured from obtaining compensation from more than ...

The principle of indemnity regulates the financial compensation to be made to the insured by the insurer following the loss experienced by the insured. This principle exposes what amount would ...

Insurance industry in Nigeria cannot exist in isolation. It has to exist within the framework of the economy, and there is need for regulation of the practice of insurance in ...

The market is a place of business interaction between producers, sellers and consumers for the exchange of goods and services. It takes the form of shop , office, street market, ...

The continuous existence of an insurance policy is subject to renewal, depending upon the duration of the policy. In most types of policies, the insurance is expressly stipulated to be ...

There is need to state what are covered under a contract of insurance so that in the event of loss or damage, the insurer will know where he is liable ...

The general rule guiding most commercial contracts is the principle of caveat emptor (let the buyer beware) .Under this principle, the parties involved in the contract are expected to provide ...

Insurable interest exists when an insured person derives a financial benefit or other kinds of benefit from the continuous existence of the insured object. A person has insurable interest in ...

INTRODUCTION Risk cannot be eliminated completely. Rather it can only be minimized through provision of financial compensation to the insured that suffers the loss. This can either be individual or ...