This article calls out AIICO Insurance Plc for its ongoing delay in settling a $30 million claim despite NAICOM’s directive. It highlights the insurer’s stalling tactics, questions their credibility, and advocates for policyholders’ rights to rebuild trust in Nigeria’s insurance industry.
This article explains why insurable interest is essential for valid insurance contracts, ensuring that policies are only taken out on entities the policyholder has a legitimate stake in. It covers how insurable interest prevents fraud, maintains contract integrity, and protects insurers, forming a legal foundation for the insurance industry.
This article explains the difference between voluntary and compulsory excess in insurance. It discusses how each type affects policyholders, premiums, and claim costs. It also highlights the benefits and drawbacks of each, helping individuals make informed decisions when choosing their insurance policies.
This article explains how to choose the right excess level for your insurance policy, highlighting key factors like personal finances, policy value, claim frequency, and premium impact. It provides a balanced approach to selecting the appropriate excess while weighing the pros and cons of both high and low excess levels.
The article explains the impact of insurance fraud on policyholders, highlighting how fraudulent activities result in higher premiums, reduced benefits, and delayed claims. It discusses the types of fraud, who commits it, and offers tips on how policyholders can protect themselves and maintain trust in the insurance industry.
The article outlines eight warning signs that indicate a struggling insurance company, such as failure to pay claims, lack of transparency, and financial instability. It aims to guide readers in identifying these red flags to protect their financial security when selecting an insurance provider in Nigeria.
This article outlines common mistakes policyholders make during the insurance claims process and offers practical solutions to avoid them. It highlights the importance of understanding policy terms, timely notification, accurate documentation, and open communication to ensure a smooth and successful claims experience.
The article addresses common misconceptions about insurance that often discourage people from purchasing coverage. It debunks myths like insurance being too expensive or unnecessary for young people, explaining the importance of understanding insurance policies and seeking professional guidance to make informed financial decisions.
This article provides a comprehensive guide for policyholders in Nigeria on how to effectively handle insurance disputes and complaints. It outlines common causes of disputes, steps to resolve them, and resources for assistance, ensuring policyholders can navigate the process smoothly and maintain trust in the insurance industry.
This article provides a comprehensive guide to evaluating insurance providers in Nigeria, focusing on key factors such as financial stability, product offerings, customer service, claims process, affordability, regulatory compliance, innovation, and local expertise, to help you make informed decisions when selecting an insurer.
This article provides a comprehensive guide on the legal aspects of insurance claims in Nigeria, including the legal framework, key concepts, and the claims process. It highlights common legal issues, available recourse options, and best practices for policyholders to ensure fair and effective handling of their claims.
This article explains the concept of “excess” in insurance, which is the amount policyholders pay out of pocket before their insurer covers the rest. It details different types of excess, how it affects premiums, and considerations for choosing the right excess to balance affordability and coverage.
This article explores the principle of proximate cause in Nigerian insurance, detailing its definition, significance, and application. It explains how proximate cause determines coverage, claim validity, and risk assessment, and highlights challenges such as complexity in determining it and legal interpretations. Understanding this principle is crucial for fair insurance practices.
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.
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 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.
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