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 […]
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Overview of the Nigerian Insurance Industry
The insurance industry is one of the most 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 […]
Takaful Insurance Explained
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 […]
Who is an insurance underwriter?
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 […]
Insurable interest – meaning, types, and importance
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 […]
Surrender value in insurance
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 […]
Why do Insurance Premiums Increase?
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 […]
Insurance Deductible vs Premium – What you should know
Virtually every human being has some sort of insurance policy covering him or her. Whether health insurance, auto insurance, or life insurance. Consequently, in the course of acquiring insurance, you are sure to encounter words like “Deductible” or “Premium”. It is important to gain adequate knowledge as regards these terms, hence the purpose of this […]
6 Types of insurance you need for retirement
One of the major stages of life that every worker patiently looks forward to is the Retirement stage. At this stage, everything changes. It is the stage where the heavy load of work, bulks of responsibilities, and endless stress is off your shoulders. You finally get to feel relieved and relaxed, having a long break […]
Insurance rights of subrogation – Meaning and how it works
The broad nature of insurance means that you could have different parties to consider in an insurance claim. This includes the insurer, the insured, and other third parties. As a result, sometimes damages might be incurred by the insured which, although covered in his policy, resulted from the recklessness of a third party. In such […]