• 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…

  • NATURE AND STRUCTURE OF INSURANCE DOCUMENT
    INSURANCE

    NATURE AND STRUCTURE OF INSURANCE DOCUMENT

    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 the insurer to the proposer to complete in compliance…

  • CONTRIBUTION
    INSURANCE

    CONTRIBUTION

    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 one source. It is applicable in a situation involving more…

  • INDEMNITY
    INSURANCE

    INDEMNITY

    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 an insured be entitled to in the event of claim.…

  • INSURANCE ASSOCIATIONS IN NIGERIA
    INSURANCE

    INSURANCE ASSOCIATIONS IN NIGERIA

    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 any economy. The objective of insurance associations in Nigeria is…

  • INSURANCE MARKET
    INSURANCE

    INSURANCE MARKET

    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, etc. Insurance market refers to the facilities that are available…

  • INSURANCE RENEWAL
    INSURANCE

    INSURANCE RENEWAL

    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 for a period that does not normally exceed one year.…

  • PROXIMATE CAUSE
    INSURANCE

    PROXIMATE CAUSE

    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 and the insured will also know where he is entitled…

  • UTMOST GOOD FAITH
    INSURANCE

    UTMOST GOOD FAITH

    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 information on the state of the subject matter of the…

  • INSURABLE INTEREST
    INSURANCE

    INSURABLE INTEREST

    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 something when loss of or damage to that thing would…

  • FUNCTIONS OF INSURANCE
    INSURANCE

    FUNCTIONS OF INSURANCE

    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 business organisation. For example, a man can take up educational…

  • INSURABLE AND UNINSURABLE RISKS
    INSURANCE

    INSURABLE AND UNINSURABLE RISKS

    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 the losses. This type of risk is the one in…

  • THE CONCEPT OF RISK
    INSURANCE

    THE CONCEPT OF RISK

    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 by different scholars. Some of these definitions are: Risk is…

  • HISTORICAL DEVELOPMENT OF INSURANCE
    INSURANCE

    HISTORICAL DEVELOPMENT OF INSURANCE

    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 form of insurance had become established in Italy. By the…

  • DEFINITION OF INSURANCE
    INSURANCE

    DEFINITION OF INSURANCE

    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 the agreement whereby one party promises to pay (indemnify) another…

  • INTRODUCTION TO INSURANCE
    INSURANCE

    INTRODUCTION TO INSURANCE

    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. For example, in the recent times, we have heard of…

  • HAZARD
    INSURANCE

    HAZARD

    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 influence the severity of loss.   TYPES OF HAZARD A)…

  • INSURANCE PREMIUM
    INSURANCE

    INSURANCE PREMIUM

    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 not meet certain conditions. It is also to determine what…

  • SUBROGATION
    INSURANCE

    SUBROGATION

    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 the insured back to the position he was before a…

  • FIRE INSURANCE
    COMMERCE

    FIRE INSURANCE

    Fire Insurance is a type of insurance which provides cover for loss or damage caused by burning. A person can insure himself or property against any loss as a result of fire, lighting, wiring, lightning and explosion. It covers all…

  • MARINE INSURANCE
    COMMERCE

    MARINE INSURANCE

    Marine insurance is a branch of insurance which covers losses or liabilities relating to ship and their cargoes against the dangers or perils of the sea. This is probably the oldest form of insurance. The perils of the sea include…

  • TYPES OF INSURANCE
    COMMERCE

    TYPES OF INSURANCE

    There are various risks which a business should Insure against. These constitute the various types of insurance, namely: Bad debts. Goods in transit. Group insurance. Cash in transit. Fidelity guarantee. Export credit guarantee. Plate glass. Agricultural insurance. Burglary, theft, robbery.…

  • DEFINITION OF INSURANCE AND ASSURANCE
    COMMERCE

    DEFINITION OF INSURANCE AND ASSURANCE

    Insurance can be defined as an agreement whereby one party promises to indemnify or pay another party a sum of money in the event of his suffering a specified loss or damages. It can also be defined as a system…

  • AGRICULTURAL INSURANCE
    AGRICULTURAL SCIENCE

    AGRICULTURAL INSURANCE

    Agricultural producers have series of risks affecting the income and welfare of their households. These are mainly production risks in relation to: weather conditions, pests and diseases and market conditions. Consequently, the income stability of agricultural stakeholders can be affected.…

  • INSURANCE COMPANIES
    ECONOMICS

    INSURANCE COMPANIES

    Insurance companies are financial institutions that are concerned with insurance. Insurance may be defined as a contract between an insurer and an insured, under which an insurer promises to indemnify (compensate) the insured against loss, which he may suffer in…

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