INSURANCE

MEANING OF INSURABLE RISK Insurable risks are those risks accepted for an amount by an insurance company followed with a promise to make financial compensation available to those that experience ...

DEFINITION OF RISK There is no universally accepted definition of risk. It could be defined from any side or angle one is looking at it. Risk has been variously defined ...

The origin of modern insurance dates back to the practice of merchants in Italy as early as the 12th century. By the 14th century, marine insurance which is the oldest ...

ELEMENTS OF AN INSURANCE CONTRACT A contract of insurance requires the presence of the following: Offer. Acceptance. Intention to create legal obligation. Legality of the object. Capacity to contract. 1) ...

Insurance can be seen as a wiseman arrangement of transferring a future loss to someone else by the way of paying a peanut now. It can also be defined as ...

Individuals and business enterprises are exposed to risks on daily basis as they carry out their daily activities. These risks, as they happen, bring about unfortunate consequences into one's life ...

Hazard can be defined as any occurrence that can either cause or increase the likelihood of a loss. It is referred to as the definite appearance with features that can ...

MEANING OF UNDERWRITING This is the process by which insurers assess the proposed risk presented for insurance protections towards the acceptance of the risk or its rejection if it does ...

INTRODUCTION The principle of subrogation plays an important role in the operation of insurance contract. It has been said earlier in this book that essence of insurance is to put ...