INSURANCE
Meaning of insurance:
Insurance can be defined as a contract between an individual or entity and an insurance company, where the insurer provides financial protection or compensation for specific losses, damages, illness, or death in exchange for regular payments called premiums.
INSURACE SERVICES
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Health Insurance: Provides coverage for medical expenses. For example, the NHIS (National Health Insurance Scheme) offers coverage for various medical treatments and hospital visits.
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Life Insurance: Offers financial support to beneficiaries in the event of the policyholder's death. For instance, Leadway Assurance provides life insurance policies to secure families financially.
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Motor Insurance: Covers damage and liability related to vehicles. An example is AXA Mansard Motor Insurance, which offers comprehensive and third-party insurance for cars.
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Fire Insurance: Covers losses and damages caused by fire. For example, AIICO Insurance provides fire insurance policies that protect against damage to property and assets due to fire.
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Pension Insurance: Provides financial support during retirement. The Contributory Pension Scheme in Nigeria, managed by various pension fund administrators like Stanbic IBTC Pension, ensures that employees save towards their retirement.
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Burglary Insurance: Covers losses from theft or burglary. Leadway Assurance offers burglary insurance to protect against losses from break-ins and theft at residential or commercial properties.
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Marine Insurance: Covers risks associated with shipping and maritime activities. Mutual Benefits Assurance provides marine insurance policies that cover cargo, ships, and related risks during transportation by sea.
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Home Insurance: Protects against damage or loss to property. AIICO Insurance offers home insurance policies that cover risks like fire, theft, and natural disasters.
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Travel Insurance: Covers risks associated with travel, including trip cancellations and medical emergencies abroad. Mutual Benefits Assurance provides travel insurance plans for both domestic and international trips.
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Business Insurance: Protects businesses from various risks, such as property damage and liability. For example, Sun Insurance offers coverage for business interruptions, equipment breakdowns, and liability claims.
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Disability Insurance: Provides income if the policyholder cannot work due to disability. Cornerstone Insurance offers disability cover that helps replace lost income during periods of disability.
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Liability Insurance: Covers legal liabilities for damages or injuries caused to others. NEM Insurance offers liability insurance for businesses to cover legal costs and compensation claims.
BENEFIT OF INSURANCE
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Financial Protection: Helps cover costs if something unexpected happens, like accidents or damage to property.
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Peace of Mind: Gives you confidence that you’re protected from financial loss, so you don’t worry constantly about risks.
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Encourages Savings: Some insurance plans help you save money for the future, like life insurance and pensions.
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Risk Management: Helps businesses deal with risks, like damage or interruptions, making them more stable.
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Emergency Support: Provides help during emergencies, such as paying medical bills or assisting with unexpected travel problems.
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Legal Compliance: Makes sure you meet legal requirements, such as having insurance for your vehicle.
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Business Credibility: Makes businesses look more trustworthy and reliable, which can attract more clients.
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Economic Impact: Supports the economy by helping people and businesses stay financially stable and encouraging growth.
