• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

GetInsurance

  • General Insurance
  • Car Insurance
  • Health Insurance
  • Life Insurance
  • Travel Insurance
  • Reviews
  • Others
    • Business Insurance
    • Agents & Brokers
    • Home & Properties
  • Apply for Insurance
You are here: Home / General Insurance / How To Keep Your Insurance Policy Intact

How To Keep Your Insurance Policy Intact

April 15, 2020 by Get Insurance Today

The insurance policy is a contract binding on the policyholder and the insurance company – which determines the extent to which the insurance company is liable to pay in the event of claims. It is crucial that the policy is made available to the policyholder for his/her understanding and safekeeping.

Here are a few ways for you to keep your policy intact:

  • Keeping your policy in force – this requires the regular payment of insurance premiums to validate the insurance policy. It is important to note that the golden rule of insurance in Nigeria is “No premium, No cover” – and it applies to every policy issued by any insurance company.
  • Updating of Records – Insurance policies align with the current information provided by the policyholder. Given this, it’s essential to provide accurate information to the insurer at the point of initiating plan. Also, notify the insurer of changes in the future – to avoid challenges during claim processing.
  • Policy Renewal – The insurance policy runs for only for some time. Upon maturity of the policy, you can renew your policy to extend the life span of the policy. Please note that the new policy is dependent on the current conditions and not on the condition of the previous policy.
  • Policy Validation – You must confirm the authenticity of your insurance policy to avoid scammers. In Nigeria, there are two main ways to verify your cover which are;
  1. Nigerian Inter-Bank Settlement System (NIBSS) shortcode – *565*11#
  2. The Nigerian Insurance Industry Database

Conclusion

In conclusion, keeping your policy intact makes you eligible for all the benefits in your plan. And keeping it active also enables the smooth execution of claims settlement in the event of a loss or damage.

Related Posts:

  • 5 Ways to Keep Your Insurance Policy Active
  • Fire Insurance - What Is Covered in a Standard Fire…
  • Guide to Life Insurance: Meaning and Types of a Life…
  • Who Qualifies To Be The Beneficiary On A Life Insurance…
  • 7 Things to Look Out For in An Insurance Policy
  • Step by step guide on how to renew your car insurance

Filed Under: General Insurance

Primary Sidebar

Why You Need Insurance and What It Can Do For You

Whether you're a recent college graduate, a … Read More about Why You Need Insurance and What It Can Do For You

Insurance Loans: Everything You Need To Know

One of the many benefits of an insurance policy is … Read More about Insurance Loans: Everything You Need To Know

Nigerian Social Insurance Trust Fund

The Nigerian Social Insurance Trust Fund (NSITF) … Read More about Nigerian Social Insurance Trust Fund

sme-insurance

SME Insurance: Everything You Need To Know

The Insurance industry is a massive industry … Read More about SME Insurance: Everything You Need To Know

Archives

Follow Us Online

  • Facebook
  • Instagram
  • LinkedIn
  • Twitter

Related Posts:

  • 5 Ways to Keep Your Insurance Policy Active
  • Fire Insurance - What Is Covered in a Standard Fire…
  • Guide to Life Insurance: Meaning and Types of a Life…
  • Who Qualifies To Be The Beneficiary On A Life Insurance…
  • 7 Things to Look Out For in An Insurance Policy
  • Step by step guide on how to renew your car insurance

Footer

  • About GetInsurance
  • Contact Us
  • Privacy Policy
  • Terms & Conditions

Copyright © 2023 Get Insurance. All Rights Reserved.