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.
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 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.
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