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Established by the federal government back in 2014, the contributory pension scheme in Nigeria is a fully funded, privately managed by a third-party custodian. Basically, this third party is a custodian of the funds and assets based on individual accounts. This scheme exists to create a system that ensures everyone receives their retirement benefits when […]

Trustfund is an organization licensed by the National Pension Commission of Nigeria to be a pension fund administrator. Although we all hope to work for as long as possible to earn as much as we can, retirement is inevitable. Therefore, this stresses the importance of pension as it is the sum saved up during your […]

Community based Health insurance in Nigeria is non-profit-making program that provides cover across groups like households, occupation-based, or individuals. Basically, it is very important because it provides health services on a very basic level to those that wouldn’t have access ordinarily. Therefore, it has become a very vital part of human living in Nigeria. What […]

The Concept of Insurance: Insurance in Nigeria, which was influenced by British colonial history, emanated from traditional communal fund-pooling systems like “isusu” to modern practices rooted in the need for financial protection against losses. This need was pronounced among early marine traders in Nigeria, leading to the development of maritime insurance bonds like Bottomry and […]

Today in Nigeria, there are several HMOs. HMO stands for Health Maintenance Organization. Basically, HMOs are organizations that provide health insurance coverage to people on a monthly or annual basis. To provide enrollees with quality heath provisions, HMOs partner with a list of hospitals. These hospitals, they believe, will provide their client with quality services, […]

The importance of insurance has only grown since it entered the mainstream Nigerian market. Today, the government has enacted compulsory insurance into law, like health insurance for employees, and also vehicle insurance. Focusing on vehicle insurance, its compulsory nature has led to all forms of insurance agencies and agents taking advantage of the high demand […]

To start with, as an insured, when sick health insurance providers know that you will come to them with large claims. And in this situation, they know that they are going to make huge payouts. Therefore, to make this situation work in their favor they negotiate or make deals with hospitals. Once they do this […]

With the rapid increase in the cost of health care, it is wise for every individual to get a health insurance policy. Health insurance helps you cover the cost supposing you have a medical emergency. Furthermore, it protects you from unexpected expenses. However, health insurance is usually proffered as one-year contracts and need a renewal […]

Running a business comes with several ups and downs that could really turn things sour if not taken care of. Therefore, you need to make the right decisions that are in the best interest of the business to protect it. One of the best protections you can provide for your business is insurance, ensuring that […]

Insurance is the transaction of exchanging money for risk transfer. When this transaction goes through, they compensate you should any damages come to your insured asset. Now, in a more professional statement; it means exchanging insurance premium for risk transfer. The money you pay to purchase insurance is called an insurance premium. In this article, […]