This article explains the difference between market value and insured value. Market value is the current price of an asset, while insured value is the maximum payout specified in an insurance policy. Understanding these distinctions helps avoid underinsurance, and overinsurance, and ensures adequate asset coverage.
This article provides a comprehensive guide for individuals with pre-existing medical conditions seeking insurance coverage. It covers challenges, types of insurance affected, steps to obtain coverage, tips for managing costs, and legal protections, emphasizing the importance of understanding your needs and exploring various options to find suitable coverage.
The article explains the principle of indemnity in insurance, which ensures that policyholders are compensated for their losses without financial gain. It details how indemnity works, its purpose, types, examples, and limitations. The principle aims to restore the insured to their pre-loss state, maintaining fairness in insurance practices.
This article provides parents and guardians with a comprehensive guide to insurance, covering types such as life, health, disability, homeowners, auto, and education insurance. It explains why each is important and offers tips for choosing the right coverage to ensure financial security and peace of mind for your family.
This article explains the role and significance of reinsurance in Nigeria’s insurance industry, highlighting its benefits for risk management, financial stability, regulatory compliance, and economic growth. It also discusses the reinsurance market’s evolution, key players, challenges, and opportunities for enhancing insurance penetration and technological advancements.
This article highlights the benefits of Group Personal Accident Insurance, emphasizing its comprehensive coverage for accidental death, disability, and income loss. It discusses how GPA insurance provides financial security, enhances employee morale, and offers cost-effective solutions for employers.
This article explains subrogation in the Nigerian insurance industry, detailing how insurers can recover claim costs from third parties responsible for the loss. It covers the legal framework, process, types, importance, challenges, and best practices for policyholders to facilitate effective subrogation.
This article explains the differences between insurance brokers and agents, highlighting their roles, responsibilities, and loyalties. It outlines how brokers represent clients with access to multiple insurers, while agents represent insurance companies. The article also covers regulation by NAICOM, choosing between the two, and their respective benefits.
This article is a comprehensive guide for startups and new businesses, highlighting the importance of insurance, the types needed, and tips for choosing the right policies. It emphasizes risk mitigation, legal compliance, and business continuity, offering practical advice for securing adequate coverage and ensuring long-term success.
This article explains the advantages of endowment insurance, highlighting its combination of savings and life coverage. It details benefits such as financial security, savings discipline, maturity benefits, tax advantages, loan facilities, low-risk investment, and customizable terms, emphasizing how endowment insurance can secure one’s financial future and protect loved ones.
This article explains liability insurance, covering its definition, types, and applications. It highlights its importance for businesses and professionals in Nigeria, offering protection against unforeseen claims and legal actions. It also guides on selecting the right liability insurance to ensure financial stability and growth.
This article discusses the vital role of insurance in estate planning, detailing how it provides financial security, liquidity, tax efficiency, and protection for beneficiaries. It highlights various types of insurance, their benefits, and strategies for incorporating them into an estate plan to ensure a secure legacy and equitable distribution of assets.
This article is a comprehensive guide for beginners on buying insurance in Nigeria. It explains the importance of insurance, outlines various insurance products, details steps to purchase insurance, and offers tips for first-time buyers, aiming to simplify the process and ensure adequate protection and peace of mind.
This article explores the top 24 insurance products available in Nigeria, detailing their features and benefits. It aims to educate the public on various insurance options, from life and health insurance to cyber and engineering insurance, highlighting their importance in financial planning and risk management.
This article explains the key principles of insurance—utmost good faith, insurable interest, indemnity, contribution, subrogation, proximate cause, and mitigation of loss—and how they impact insurance policies, ensuring fair and effective coverage and claims settlement for both insurers and insured parties.
This article explains key insurance terms in simple language to help individuals understand and navigate insurance policies. It covers concepts like premiums, deductibles, coverage, and more, aiming to empower readers to make informed decisions about their insurance needs.
This article provides an overview of essential insurance policies for entrepreneurs, including property, goods in transit, money, all risks, motor, and liability insurance. It emphasizes the importance of consulting registered insurance brokers for tailored advice and highlights the role of Transparent Protection Limited (TPL) in assisting with insurance needs.
This article discusses the challenges and opportunities in Nigeria’s insurance sector, highlighting low penetration due to socio-cultural beliefs, lack of awareness, and trust issues. It emphasizes the need for government enforcement, educational campaigns, simplified products, and support for NGOs like Transparent Protection Ltd. to enhance insurance adoption and industry practices.
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