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The process of insurance involves different transactions between the insured, insurer, brokers, and reinsurer. Depending on the parties involved, credit and debit notes are shuffled back and forth to indicate transactions. Also, as any one of the parties, it is necessary that you understand the importance of these notes, and where they are applicable. This […]

The idea and execution of insurance in Nigeria is more or less what the world knows it as. Insurance is a way to transfer risk, and secure your future from the unknown, especially financially. Since nobody can accurately predict the future, what we are left with is to protect ourselves in the present, in every […]

A lack of in-depth knowledge and scope of insurance is one of the major problems the industry faces in Nigeria. The average man does not know about insurance, let alone its nitty-gritty and overall importance. However, to ensure they still benefit from insurance, the government put in place certain policies. These policies are compulsory for […]

At inception, the nature and cost of insurance was such that low-income families could not benefit from it.  Insurance was, in a way, limited to the wealthy, which eventually became a problem that had to be solved. To remedy this, micro insurance was introduced, which is a policy that specially caters to low-income individuals and […]

The insurance industry is one of the fast-paced industries in the world. This is because of its utmost significance in the mitigation of risks and promotion of trade and commerce activities which results in socio-economic development. Thus the insurance sector plays an important role in the economic growth of any Nation’s economy. This article provides […]

Due to religious morals, terms like Islamic banking and Sukuk bonds have been introduced to the market. They achieve the same result as their equivalent counterpart while observing the Islamic sharia laws. On the part of insurance, Takaful insurance is what exists. This insurance aims at providing coverage for members of a certain group from […]

Whether you are new or vastly experienced in the insurance world as a customer, the question of how do companies come up with pricing for accepted insurable risk should have crossed your mind. Do they just whip out prices from thin air? What are the factors that determine such prices? Well, this is why underwriters […]

Insurance is basically the transfer of the risk of specific valuables, from one entity to another. The insured in turn pays the insurer, a premium periodically, depending on the policy. However, taking a more detailed look, you can only take up an insurance policy when you have an insurable interest. Therefore, an insurable interest is […]

The legitimacy of insurance is based on the fact that a contract binds a policy purchased. It is this contract that dictates the rules and regulations of an insurance policy. It governs the holder and the company itself. In a situation where the policy is voluntarily terminated before its maturity, the surrender value is what […]

An insurance premium is the amount of money you pay as an individual or business to get covered under an Insurance Policy. It is oftentimes calculated using a mathematical and statistical approach by the insurance carrier to determine how much to charge you. However, there are times when your insurance premium suddenly goes up for […]