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HOW TO INSURE YOUR NEW HOUSE IN NIGERIA

HOW TO INSURE YOUR NEW HOUSE IN NIGERIA   Daily, houses in Nigeria are being built and completed without being insured. Insuring your house in Nigeria isn’t very common. Insurance companies are covered in dust and cobwebs from misuse. It is probably only in big cities like Lagos and Abuja that people actually know what they ought to do with insurance companies. A bright and sunny Tuesday and the location was Massey Street, Lagos Island. Time was 3pm and the Kafo kids were enjoying themselves when suddenly a huge sound from nowhere pierced the serene environment. Then it happened; the collapse of their 26 year old four storey building. Tears flowed freely the next day as NEMA officials pulled out the dead body of a three year old child who had suffocated under the rubble of the collapsed structure. The building itself was not insured against such unforeseen calamity and the Lagos state government had to level down the entire structure to avoid further damage to adjo
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Risk and Insurance: Definition, Types

Risk and Insurance: Definition, Types The risk is a concept which relates to human expectations. It denotes a potential negative impact on an asset or some characteristic of value that may arise from some present process or some future event. In everyday usage, “risk” is often used synonymously with “probability” of a loss or threat In professional risk assessments, risk combines the probability of an event occurring with the impact that event would be and with its different circumstances. However, Where assets are priced by markets, all probabilities and impacts are reflected in the market price, and risk, therefore, comes only from the variance of the outcomes. According to the Dictionary; Risk refers to the probability that something unpleasant or dangerous might happen. Risk is a condition in which there is a possibility of an adverse deviation from the desired outcome that is expected or hoped for. For understanding the risk, we should know these terms
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IMPORTANCE OF AN INSURANCE POLICY

IMPORTANCE OF AN INSURANCE POLICY The insurance provides safety and security against the loss on a particular event. In case of life insurance payment is made when death occurs or the term of insurance is expired. The loss to the family at a premature death and payment in old age are adequately provided by insurance. In other words, security against premature death and old age sufferings are provided by life insurance.  Similarly, the property of insured is secured against loss or a fire in fire insurance. In other insurance, too, this security is provided against the loss at a given contingency. The insurance provides safety and security against the loss of earning at death or in old age, against the loss at the fire, against the loss at damage, destruction or disappearance of property, goods, furniture, and machines, etc. Insurance affords Peace or Mind Insurance protects Mortgaged Property Insurance eliminates dependency Life Insurance encourages saving.
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IMPORTANCE OF REINSURANCE BUSINESS

IMPORTANCE OF REINSURANCE BUSINESS To sum up in a systematic disciplined way the causes for reinsurance may be grouped as under:- RISK MINIMIZATION BY SPREADING The fundamental concept of insurance is to spread the chance over as wider a location as possible as so to reduce the burden of loss at each stage. Reinsurance enables a risk to be scattered over a much wider area and the principle of insurance is taken proper care of. This really helps in the greatest viability of insurance operation. RISK TRANSFER To an insurer, the necessity for reinsurance protection arises in exactly the same way since the insured needs insurance protection. However for reinsurance, the business enterprise of insurance would not are suffering from to the extent of the present day growth. FLEXIBILITY In the lack of reinsurance, insurers could have been bound to limit their acceptance of risk only around such an amount which they could possibly digest. Quite simply, the insu
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HOW PRINCIPLE OF CONTRIBUTION WORKS IN INSURANCE

HOW PRINCIPLE OF CONTRIBUTION WORKS IN INSURANCE Principle of contribution is implemented when multiple insurance policies are covering the same property or loss, the total payment for actual loss is proportionally divided among all insurance companies. In insurance, the principle of contribution in born from principle of indemnity. It is used to will maintain continued existence to preserve the principle of indemnity Therefore, principle of contribution only applies to those insurance contracts which are contracts of indemnity. In fact, however, there would have been possibilities of getting more than the actual loss had the principle of contribution not been established with legal force. Just to give a probability, the insured would have received a claim in full, numbers of times, by affecting numbers of policies with different insurers thereby defeating entirely the principle of indemnity. Like subrogation, therefore, has come up the principle of contributi
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HOW INSURANCE COVER NOTES ARE USED IN POLICIES

HOW INSURANCE COVER NOTES ARE USED IN POLICIES Insurance cover note is a report used to supply evidence of insurance if policy documents aren't immediately available. it's issued as a temporary cover during negotiation period pending finalization of the matter. Since preparation of a lasting policy might take a moment and since pending issuance of the policy insurers might like to create further queries related to the danger or proposed insurance, it has changed into a common practice for insurers to issue a temporary cover during negotiation period pending finalization of the matter. The cover may be provided with either with a letter or by way of a standard cover-note form. The cover is usually given for 15 days or 30 days and the time is mentioned on the document. The issuance of this type of temporary cover does not put the insurers under an obligation to enter into a lasting contract. It can also be indicated that when the insurers are to enter into
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LAWS OF INSURANCE AND PRACTICE IN AFRICA

LAWS OF INSURANCE AND PRACTICE IN AFRICA Company Secretaries have a pivot role to play in the Insurance Sector. A Company Secretary can  work as an act as a compliance officer in an Insurance Company and play an important role in ensuring compliance to complicated legal, regulatory and supervisory issues constantly, transcending various spheres of Insurance Company's operations. So, in order to build the capacity of Companies Secretaries to work as a compliance officer in Insurance Companies and to provide to supply to offer} them a specialized knowledge in Insurance laws and practice, New Syllabus Professional Program contains one    of the among the one of many} five elective papers titled ‘Insurance Law and Practice '. The students interested in thinking about enthusiastic about pursuing their career in Insurance sector may go for this subject. The syllabus and contents with this paper has bed enveloped in association of Insurance Institute of India, M
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